CELEX: 31976D0773
Language: en
Date: 1976-09-29 00:00:00
Title: Commission Decision of 29 September 1976 amending the Decision of 21 July 1976 authorizing the Italian Republic to maintain certain protective measures under Article 108 (3) of the Treaty

1 . 10 . 76                              Official Journal of the European Communities                           No L 268 / 59
                                                                   II
                                             (Acts whose publication is not obligatory)
                                                      COMMISSION
                                                    COMMISSION DECISION
                                                       of 29 September 1976
                amending the Decision of 21 July 1976 authorizing the Italian Republic to main­
                        tain certain protective measures under Article 108 (3) of the Treaty
                                                  (Only the Italian text is authentic)
                                                            (76/773/ EEC)
THE COMMISSION OF THE EUROPEAN                                         must continue to be observed particularly as regards
 COMMUNITIES,                                                          the amount of the deficit on Treasury transactions, the
                                                                       financing of this deficit and the growth in total
 Having regard to the Treaty establishing the European                 lending ;
 Economic Community, and in particular Article 108
 (3) thereof,                                                          Whereas the Italian authorities, acting in concert with
                                                                       the Commission , are formulating a set of new mone­
 Whereas by its Decision of 5 May 1 976 (') the                        tary and budgetary measures aimed at consolidating
 Commission authorized the Italian Republic to                         the trend towards an improvement in the economic
 require the lodging of a deposit whenever foreign                     and financial situation ,
 exchange was purchased and whenever lira were depo­
 sited in foreign accounts ;
 Whereas by its Decision of 21 July 1 976 (2) the
                                                                       HAS ADOPTED THIS DECISION :
 Commission authorized the Italian Republic to main­
 tain in force for a period of three months, expiring on
 5 November 1976, the provisions for the compulsory
 lodging of deposits authorized by its Decision of 5                                           Article 1
 May 1976 ;
                                                                       Article 1 of the Decision of 21 July 1976 is hereby
 Whereas as a result of the financial assistance afforded              amended as follows :
 to the Italian Republic, particularly in the form of a
 Community loan granted under Council Decision                             ' 1 . The Italian Republic is authorized to main­
 76/322/ EEC of 15 March 1976 (3), and as a result of                      tain in force for a period expiring at the latest on
 the measures already taken by the Italian Republic,                        15 April 1977, the provisions for the compulsory
 Italy's balance of payments situation has improved                        lodging of deposits authorized by Articles 1 and 2
 since the middle of 1976 ;                                                of the Commission Decision of 5 May 1976.
 Whereas the economic policy conditions to be                              2. The Italian authorities shall gradually relax
 observed by the Italian Republic, in accordance with                      the provisions for the compulsory lodging of depo­
 Council Decision 76/324/ EEC of 15 March 1976 (4),                        sits referred to in paragraph 1 according to the
                                                                           following programme .
(')  OJ   No L 120, 7 . 5 . 1976, p. 30 .
(<>) OJ   No L 196, 22. 7. 1976, p. 20 .
(3 ) OJ   No L 77, 24. 3 . 1976, p. 12.                                    The proportion to be deposited shall be reduced
(4)  OJ   No L 77, 24. 3 . 1976, p . 16.                                   to :
 ---pagebreak--- No L 268/60                     Official Journal of the European Communities                        1 . 10 . 76
    — 45 % on 15 October 1976,                                                 Article 3
    — 40 % on 30 November 1976,
                                                          This Decision is addressed to the Italian Republic.
    — 25% on 15 January 1977,
    — 10 % on 28 February 1977,
                                                          Done at Brussels, 29 September 1976.
    and abolished on 15 April 1977.
                                                                                 For the Commission
                      Article 2
                                                                                    Henri SIMONET
Articles 2, 3 and 4 of the Decision of 21 July 1976
shall remain unchanged .                                                             Vice-President
                                                                                         /