Commission Regulation (EC) No 1852/2002 of 17 October 2002 on the rate of interest to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal
Date: 2002-10-17
Institutions: European Commission
Subjects: EAGGF Guarantee Section, costing, interest, intervention buying, sales aid, storage

L 280/4

EN

Official Journal of the European Communities

18.10.2002

COMMISSION REGULATION (EC) No 1852/2002

of 17 October 2002

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 (EAGGF), Guarantee Section (1), as last amended by
Regulation (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 interven-
tion measures
and
comprising buying-in,
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.

storage

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
notify 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.

(4)

(5)

The interest rates for the accounting year 2003 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,

HAS ADOPTED THIS REGULATION:

Article 1

For expenditure incurred during the EAGGF Guarantee Section
accounting year 2003:

1. the interest rate referred to in Article 3 of Regulation (EEC)

No 411/88 shall be 3,6 %;

2. the specific interest rate referred to in Article 4 of Regula-

tion (EEC) No 411/88 shall be:
— 3,5 % for Greece and France,

— 3,4 % for Austria,

— 3,3 % for Ireland.

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 2002.

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

Done at Brussels, 17 October 2002.

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.