Commission Regulation (EC) No 1751/2004 of 8 October 2004 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 accounting year 2005
Date: 2004-10-08
Institutions: European Commission
Subjects: EAGGF Guarantee Section, interest, intervention agency, intervention buying

9.10.2004

EN

Official Journal of the European Union

L 312/9

COMMISSION REGULATION (EC) No 1751/2004

of 8 October 2004

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 accounting year 2005

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty
Community,

establishing the European

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
Section (1),
and in
Guarantee
Fund (EAGGF), Guarantee
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 inter-
vention measures comprising buying-in,
storage and
disposal (2),
the uniform interest rate
lays down that
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.

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 2005 EAGGF Guarantee
Section accounting year:

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

No 411/88 shall be 2,2 %;

2. the specific interest rate referred to in Article 4 of Regulation
(EEC) No 411/88 shall be 2,1 % for France, Austria, Portugal
and Sweden and 2,0 % for Ireland and Finland.

Article 2

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

It shall apply from 1 October 2004.

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

Done at Brussels, 8 October 2004.

For the Commission

Franz FISCHLER
Member of the Commission

(1) OJ L 216, 5.8.1978, p. 1. Regulation as last amended by Regulation

(EC) No 1259/96 (OJ L 163, 2.7.1996, p. 10).

(2) OJ L 40, 13.2.1988, p. 25. Regulation as last amended by Regu-

lation (EC) No 2623/1999 (OJ L 318, 11.12.1999, p. 14).