CELEX: 51987PC0055
Language: en
Date: 1987-02-02
Title: Proposal for a COUNCIL DECISION on the amendment of certain provisions of the Arrangement on Guidelines for Officially Supported Export Credits (submitted by the Commission to the Council)

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COM (87) 55
Vol. 1987/0023
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 ---pagebreak---                                                                 COM(87 )   55 final
     COMMISSION                                                 Brussels , 2 February 1987
        OF THE
EUROPEAN COMMUNITIES                                            FOR OFFICIAL USE ONLY
    General Secretariai
                                           Proposai for a
                                          COUNCIL DECISION
                          on the amendment of certain provisions of the
                        Arrangement on Guidelines for Officially Supported
                                           Export Credits
                           ( submitted by the Commission to the Council )
           C0M(87 ) 55 final
 ---pagebreak---                     EXPLANATORY MEMORANDUM
On the basis of a negotiating mandate decided by the Council on
April 4, 1986, the Commission carried out negotiations in the OECD
with the aim of strengthening transparency and discpline in the
field of tied aid credit in the framework of the Guidelines for
Officially Supported Export Credits (" The Consensus ").
On 23rd January, these negotiations resulted in a compromise on which
the Chairman has invited all Participants in the Consensus to agree
before 15th March . As far as tied aid credit is concerned , this
compromise is in conformity with the terms of the negotiating
mandate .
The compromise also includes measures on export credits other than tied
aid credits without which agreement on tied aid cannot be
achieved . In the view of the Commission , acceptance of the compromise
as a whole would reduce trade distortion and would therefore be in
the interests of the Community .
The Commission thefore proposes that the Council agrees to the
compromise as attached .
 ---pagebreak---                             PROPOSAL FOR A
                           COUNCIL DECISION
              on the amendment of certain provisions of the
Arrangement on Guidelines for Officially Supported Export Credits
         THE COUNCIL OF THE EUROPEAN COMMUNITIES ,
         Having regard to the Treaty establishing the European Economic
         Community , and in particular Article 113 thereof .
         Having regard to the proposal from the Commission,
 ---pagebreak--- Whereas it is in the Community 's interest that a satisfactory
solution is found to a number of outstanding problems within
the framework of the Arrangement on guidelines for Officially
Supported Export Credits in order to avoid undermining
these guidelines .
Whereas the measures set out in the annex to this decision
generally correspond to the terms of the negotiating directives
agreed by the Council on April 5Th 1986 .
Whereas the adoption of these measures will avoid trade distortion
and are therefore in the interests of the Community
HAS DECIDED AS FOLLOWS :
Sole Article
The Council agrees that the Arrangement on Guidelines for
Officially Supported Export Credits is amended according to
the provisions set out in the annex to this decision .
                                Done at Brussels
                                For the Counci l
                                The President
 ---pagebreak---                                                                      ANNEX
            MODIFICATION ON THE ARRANGEMENT ON GUIDELINES FOR
            OFFICIALLY SUPPORTED EXPORT CREDITS SUBMITTED TO
                  PARTICIPANTS ON 23RD JANUARY 1987 .
1. First staqe
   (a)   The minimum grant element for tied and partially untied aid
         credits to LLDCs will be increased to 50% .
         The minimum grant element for tied and partially untied aid
         credits to all other developing countries will be increased to
         30% .
   ( b)  The discount rate for calculating the grant element will be
         related to the C I RR for each currency and will be calculated as
         follows :
                           CIRR + 1 / 2 ( 10 - CIRR )
   (c)   These measures will enter into force on 1st July 1987 .
2. Second stage
   (a)   The minimum grant element for tied and partially untied aid will
         be increased to 35% for developing countries other than LLDC .
   ( b)  The discount rate for calculating the grant element will be
         calculated as follows :
                           CIRR + 1 / 4 ( 10 - CIRR )
   (c)   The Interest rate subsidies for importing countries in category I
         of the matrix will be abolished .      The matrix interest rates for
         Importing countries in categories II and III will be Increased by
         30 basic points .
   (d)   These measures will enter into force on 1st July 1988 .