HAND AND OFFICIALS WHO ENTERED INTO THEIR LOAN AGREEMENTS AFTER 1977 ON THE OTHER . THE FORMER ARE OBLIGED TO REPAY THEIR LOANS ON MORE ONEROUS TERMS AS A RESULT OF THE SYSTEM INTRODUCED BY REGULATIONS NOS 3085/78 AND 3086/78 , WHEREAS THE LATTER RECEIVED A CONSIDERABLY HIGHER PRINCIPAL AMOUNT IN LIRE , SPECIFICALLY AS A RESULT OF APPLICATION OF THE EXCHANGE RATE FOR THE BELGIAN FRANC AND THE ITALIAN LIRE EXISTING IN THE MONEY MARKET , WHILST THE COMMISSION CONTINUED TO APPLY THE PARITY OF THE INTERNATIONAL MONETARY FUND TO THEIR REPAYMENTS UNTIL APRIL 1979 .
21 THE APPLICANT ' S FIRST TWO COMPLAINTS ARE BASED ON THE VIEW THAT THE PARITY USED FOR CONVERSION OF THE AMOUNT OF THE LOAN INTO ITALIAN LIRE AND FOR THE CONVERSION OF LIRE INTO BELGIAN FRANCS FOR THE MONTHLY REPAYMENT INSTALMENTS OUGHT TO BE THE PARITY NOTIFIED TO THE INTERNATIONAL MONETARY FUND AND THAT THE COMMISSION WAS NOT ENTITLED UNILATERALLY TO ADOPT ANY OTHER PARITY .
22 IT APPEARS FROM THE FILE ON THE CASE THAT THE EXCHANGE RATE USED FOR THE CONVERSION OF THE AMOUNT OF THE LOAN INTO ITALIAN LIRE WAS THE PARITY NOTIFIED TO THE INTERNATIONAL MONETARY FUND IN 1965 WHICH , AT THE TIME OF THE LOAN , WAS THE REFERENCE PARITY DETERMINED IN ARTICLE 63 OF THE STAFF REGULATIONS . IN ESSENCE THE APPLICANT ' S VIEW IS THAT THAT SAME RATE MUST BE USED THROUGHOUT THE DURATION OF THE AGREEMENT FOR THE CONVERSION INTO BELGIAN FRANCS OF THE FUNDS TRANSFERRED TO THE COMMISSION TO REPAY THE LOAN BY MEANS OF THE MONTHLY INSTALMENTS PROVIDED FOR IN THE AGREEMENT .
23 THE COMMISSION CONTENDS ON THE OTHER HAND THAT THE EXCHANGE RATE TO BE USED FOR THAT CONVERSION MUST BE THE ONE FIXED AS A REFERENCE PARITY IN ARTICLE 63 OF THE STAFF REGULATIONS AND THAT THE MONTHLY TRANSFERS MAY BE MADE PURSUANT TO THE PROVISIONS OF ARTICLE 17 OF ANNEX VII TO THE STAFF REGULATIONS , WHICH ENABLES OFFICIALS REGULARLY TO TRANSFER PART OF THEIR EMOLUMENTS THROUGH THE INSTITUTION BY WHICH THEY ARE EMPLOYED IN THE CURRENCY OF CERTAIN OTHER MEMBER STATES .
24 IN PURSUANCE OF THAT INTERPRETATION OF THE AGREEMENT , THE COMMISSION CONVERTED THE AMOUNTS IN LIRE TRANSFERRED TO REPAY THE LOAN IN QUESTION INTO BELGIAN FRANCS ACCORDING TO THE PARITY REFERRED TO IN ARTICLE 63 OF THE STAFF REGULATIONS UNTIL THE ENTRY INTO FORCE OF REGULATIONS NOS 3085/78 AND 3086/78 . AS FROM 1 APRIL 1979 IT ALSO BASED ITS CALCULATIONS FOR CONVERSION OF THE MONTHLY PAYMENTS ON THE RATES LAID DOWN IN THE STAFF REGULATIONS , AS AMENDED BY REGULATIONS NOS 3085/78 AND 3086/78 AND APPLIED THE PROVISIONS OF ARTICLE 17 OF ANNEX VII TO THE STAFF REGULATIONS IN ITS AMENDED VERSION . IT CLAIMS THAT THAT METHOD OF MAKING THE TRANSFERS CONFORMS WHOLLY WITH THE AGREEMENT .
25 THE APPLICANT ' S VIEW IS UNTENABLE . IT DISREGARDS THE FACT THAT , ACCORDING TO THE PROVISIONS OF THE AGREEMENT ITSELF