CELEX: 31977D0343
Language: en
Date: 1977-04-25 00:00:00
Title: 77/343/EEC: Council Decision of 25 April 1977 amending Decision 76/402/EEC on the level of interest rate subsidy provided for by Directive 72/159/EEC on the modernization of farms, to be applied in Italy

13 . 5 . 77                         Official Journal of the European Communities                                 No L 120/21
                                                  COUNCIL DECISION
                                                     of 25 April 1977
               amending Decision 76/402/ EEC on the level of interest rate subsidy provided for
                 by Directive 72/ 159/ EEC on the modernization of farms , to be applied in Italy
                                                        (77/343/ EEC)
 THE COUNCIL OF THE EUROPEAN                                        HAS ADOPTED THIS DECISION :
 COMMUNITIES,
                                                                                                 Article 1
 Having regard to the Treaty establishing the European
  Economic Community,                                              The text of Article 1 of Council Decision 76/402/ EEC
 Having regard to Council Directive 72/ 159/ EEC of 17             of 6 April 1976 on the level of interest rate subsidy
 April 1972 on the modernization of farms ('), and in              provided for by Directive 72/ 159/ EEC on the moder­
 particular the second subparagraph of Article 8 (2)               nization of farms, to be applied in Italy (3 ), shall , with
 thereof,                                                          effect from 7 December 1976, be replaced by the
                                                                   following text :
 Having regard to the proposal from the Commission ,
                                                                         'Article 1
 Whereas the second subparagraph of Article 8 (2) of
 Directive 72/ 159/ EEC provides that Member States                     The Italian Republic is hereby authorized to
 may be authorized to grant interest rate subsidies                     increase the interest rate subsidy provided for in
 exceeding 5 % , if such action is warranted by the situ­               the first subparagraph of Article 8 (2) of Directive
                                                                        72/ 159 / EEC to :
 ation of the capital market in the Member States, and
 to lower the minimum rate payable by beneficiaries to                  — 12 % in the mountain areas laid down within
 2 % in certain regions ;                                                    the meaning of Directive 75/268 / EEC,
 Whereas the Italian Government has requested author­                   — 1 1 % in the Mezzogiorno and the less­
 ization to raise the level of the interest rate subsidy to                  favoured regions of northern and central Italy,
 12% in the mountain areas laid down within the                              other than the mountain areas referred to in
 meaning of Council Directive 75/268 / EEC of 28                             the first indent, and
 April 1975 on mountain and hill farming in certain                     — 9 % for the other regions.'
 less-favoured areas (2) ;
                                                                                                 Article 2
 Whereas this 12 % subsidy means that the beneficiary
 is called upon to bear a rate higher than the                     This Decision is addressed to the Italian Republic .
 minimum rate provided for in Directive 72/ 159/ EEC ;
 Whereas the requested increase in subsidy is necessi­
                                                                   Done at Luxembourg, 25 April 1977 .
 tated especially by the fact that, given the present
 interest rate level , the rate of interest to be borne by
                                                                                                      For the Council
 the beneficiary is more than twice the minimum rate
 provided for in Directive 75/268 / EEC, which should                                                  The President
 have a very adverse effect on efforts to modernize
 farms in these particularly less-favoured regions,                                                      J. SILKIN
(') OJ No L 96, 23 . 4. 1972, p. I.
(J) OJ No L 128 , 19 . 5 . 1975, p. 1                             (■') OJ No 1 . I OS , 26 . 4 . 1976, p. 39 .