CELEX: 31974L0493
Language: en
Date: 1974-10-02 00:00:00
Title: Council Directive of 2 October 1974 on the level of the interest rate subsidy referred to in article 8 (2) of Directive No 72/159/EEC

3. 10. 74                          Official Journal of the European Communities                            No L 268/ 15
                                                            II
                                      (Acts whose publication is not obligatory)
                                                   COUNCIL
                                               COUNCIL DIRECTIVE
                                                   of 2 October 1974
               on the level of the interest rate subsidy referred to in Article 8 (2) of Directive
                                                    No 72/ 159/ EEC
                                                      (74/493/EEC)
THE COUNCIL OF THE EUROPEAN                                    eligible for assistance from the Guidance Section of
COMMUNITIES,                                                   the European Agricultural Guidance and Guarantee
                                                               Fund,
Having regard to the Treaty establishing the European
Economic Community ;
                                                               HAS ADOPTED THIS DIRECTIVE :
Having       regard    to   Council      Directive     No
72/ 159/EEC (*) of 17 April 1972 on the moderniza­
tion of farms, and in particular the first indent of the                                Article 1
second subparagraph of Article 8 (2) and the second            Member States shall be authorized to increase to 6% ,
subparagraph of Article 19 ( 1 ) thereof ;
                                                               for the period from 7 October 1974 to 31 December
Having regard to the proposal from the Commission ;            1975, the interest rate subsidies referred to in the first
Having regard to the Opinion of the European Parlia­           subparagraph of Article 8 (2) of Directive No
                                                               72/ 159/EEC.
ment ;
Whereas the first indent of the second subparagraph                                     Article 2
of Article 8 (2) of Directive No 72/ 159/EEC provides
that Member States may be authorized to grant                  Expenditure incurred by Member States pursuant to
interest rate subsidies exceeding 5% , if such action is       Article 1 shall be eligible for assistance from the Guid­
warranted by the situation of the capital market in the        ance Section of the EAGGF under the first subpara­
Member States ;                                                graph of Article 19 (3) of Directive No 72/ 159/EEC.
Whereas the current situation of the capital market in                                  Article 3
the Member States, and the exceptional burdens this
is placing on farmers wishing to modernize their               This Directive is addressed to the Member States.
farms, is threatening the modernization of agriculture
which last is the aim of Directive No 72/ 159/EEC ;
whereas the granting of interest rate subsidies                Done at Luxembourg, 2 October 1974.
exceeding 5% is therefore justified ;
                                                                                             For the Council
Whereas under the second subparagraph of Article 19
(1 ) of Directive No 72/ 159/EEC, any increased expen­                                         The President
diture incurred by Member States as a result of an
inciease in the interest rates subsidy may be declared                                         Ch . BONNET
0) OJ No L 96, 23. 4. 1972, p. 1 .