CELEX: 31986D0656
Language: en
Date: 1986-12-22 00:00:00
Title: 86/656/EEC: Council Decision of 22 December 1986 amending Decision 71/143/EEC setting up machinery for medium-term financial assistance

No L 382 / 28                                 Official Journal of the European Communities                                       31 . 12 . 86
                                                          COUNCIL DECISION
                                                           of 22 December 1986
                   amending Decision 71 / 143 / EEC setting up machinery for medium-term financial
                                                                  assistance
                                                              ( 86 / 656 / EEC )
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,                                   1 . Article 1 ( 2 ) shall be replaced by the following:
Having regard to the Treaty establishing the European                           '2 .    This obligation shall apply until 31 December
Economic Community , and in particular Articles 103 and                         1988 , unless the definitive phase of the European
108 thereof,                                                                    Monetary System is set up before this date .'
                                                                            2 . The Annex shall be replaced by the following:
Having regard to the proposal from the Commission ,
presented after consultation of the Monetary Committee ,                                                    'ANNEX
Whereas , by its Decision 71 / 143 / EEC ( ! ), as last amended                 The ceilings for credits provided for in Article 1 ( 1 ) of this
by the Act of Accession of Spain and Portugal , the Council set                 Decision shall be as follows :
up machinery for medium-term financial assistance initially
                                                                                                                     million         % of
valid for a period of four years from 1 January 1972 ;                                       Member State
                                                                                                                      ECU            total
Whereas the validity of this machinery has periodically                         Belgium                                 875           6,28
been extended and was last prolonged by two years until                         Denmark                                 407           2,92
31 December 1986 , by Decision 84 / 655 / EEC ( 2 );                            Germany                               2 715         19,50
                                                                                Greece                                  235           1,69
Whereas it is appropriate for the obligations of the Member                     Spain                                 1 132           8,13
States to continue to apply until the transition to the                         France                                2 715         19,50
definitive phase of the European Monetary System ;                              Ireland                                 158           1,13
                                                                                Italy                                 1 810         13,00
Whereas , by Regulation ( EEC ) No 1131 / 85 ( 3 ), the ceiling                 Luxembourg                                31          0,22
on outstanding borrowing authorized under the Community                         Netherlands                             905
loan mechanism intended for Member States' balance of                                                                                 6,50
                                                                                Portugal                                227           1,63
payments was raised by 2 000 million ECU ; whereas this                                                               2 715
increase should entail an equivalent reduction in the total                     United Kingdom                                      19,50
commitments laid down under Article 1 ( 1 ) of Decision                                              Total EEC      13 925        100,00'
71 / 143 / EEC so that the total amount of medium-term
Community loans which may be granted in respect of
Member States' balance of payments support remains
                                                                                                          Article 2
unchanged ,
                                                                            This Decision is addressed to the Member States .
HAS ADOPTED THIS DECISION :
                                                                            Done at Brussels , 22 December 1986 .
                                                                                                                       For the Council
                               Article 1
                                                                                                                        The President
Decision 71 / 143 / EEC is hereby amended as follows :                                                                     G. SHAW
(») OJ No L 72 , 27 . 3 . 1971 , p. 15 .
( 2 ) OJ No L 341 , 29 . 12 . 1984 , p . 90 .
( 3 ) OJ No L 118 , 1 . 5 . 1985 , p. 59 .