Commission Regulation (EC) No 1842/2003 of 17 October 2003 fixing the interest rates to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal for the EAGGF Guarantee Section for the accounting year 2004
Date: 2003-10-17
Institutions: European Commission
Subjects: EAGGF Guarantee Section, interest, intervention agency, intervention buying, intervention stock

L 268/60

EN

Official Journal of the European Union

18.10.2003

COMMISSION REGULATION (EC) No 1842/2003

of 17 October 2003

fixing the interest rates to be used for calculating the costs of financing intervention measures
comprising buying-in, storage and disposal for the EAGGF Guarantee Section for the accounting
year 2004

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 the first
subparagraph of 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-
and
comprising buying-in,
tion measures
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 12
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 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. Where a Member
State has not notified the rates before the end of the
accounting year, 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)

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 2004 EAGGF Guarantee
Section accounting year:

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

No 411/88 shall be 2,3 %;

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

tion (EEC) No 411/88 shall be 2,2 % for Italy.

Article 2

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

It shall apply from 1 October 2003.

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

Done at Brussels, 17 October 2003.

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.