Commission Regulation (EC) No 2012/2001 of 12 October 2001 on the rate of interest to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal
Date: 2001-10-12
Institutions: European Commission
Subjects: EAGGF Guarantee Section, aid system, financing, interest, intervention agency, intervention stock

13.10.2001

EN

Official Journal of the European Communities

L 272/23

COMMISSION REGULATION (EC) No 2012/2001

of 12 October 2001

on the rate of interest to be used for calculating the costs of financing intervention measures
comprising buying-in, storage and disposal

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to Council Regulation (EEC) No 1883/78 of 2
August 1978 laying down general rules for the financing of
interventions by the European Agricultural Guidance and Guar-
antee Fund, Guarantee Section (1), as last amended by Regula-
tion (EC) No 1259/96 (2), and in particular Article 5 thereof,

Whereas:

(1)

(2)

(3)

Article 3 of Commission Regulation (EEC) No 411/88 of
12 February 1988 on the method and the rate of
interest to be used for calculating the costs of financing
intervention measures comprising buying-in, storage and
disposal (3), as last amended by Regulation (EC) No
2623/1999 (4), lays down that the uniform interest rate
used for calculating the costs of financing intervention
measures is to correspond to the three months' and
twelve months' forward Euribor rates with a weighting
of one third and two thirds respectively.

The Commission fixes this rate before the beginning of
each EAGGF Guarantee Section accounting year on the
basis of the rates recorded in the six months preceding
fixing.

Article 4(1) of Regulation (EEC) No 411/88 lays down
that if the rate of interest costs borne by a Member State
is lower for at least six months than the uniform interest

rate fixed for the Community a specific interest rate is to
be fixed for that Member State. The Member State noti-
fied these costs to the Commission before the end of the
accounting year; where no costs are notified by a
Member State, the rate to be applied is determined on
the basis of the reference interest rates set out in the
Annex to the said Regulation.

The interest rates for the 2002 accounting year must be
set,

in line with those provisions.

The measures provided for in this Regulation are in
accordance with the opinion of the EAGGF Committee,

(4)

(5)

HAS ADOPTED THIS REGULATION:

Article 1

For expenditure incurred during the 2002 EAGGF Guarantee
Section accounting year, the interest rate referred to in Article
3 of Regulation (EEC) No 411/88 shall be 4,4 %.

Article 2

This Regulation shall enter into force on the day of its publica-
tion in the Official Journal of the European Communities.

It shall apply from 1 October 2001.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 12 October 2001.

For the Commission

Franz FISCHLER

Member of the Commission

(1) OJ L 216, 5.8.1978, p. 1.
(2) OJ L 163, 2.7.1996, p. 10.
(3) OJ L 40, 13.2.1988, p. 25.
(4) OJ L 318, 11.12.1999, p. 14.