CELEX: 51973PC2170
Language: en
Date: 1973-12-12
Title: Proposal for a Regulation amending the administrative rules for short-term monetary support (presented by the Commission to the Council)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (73) 2170
Vol. 1973/0397
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In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983
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In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1.
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 ---pagebreak---                                                      COM(73)2170 final
COMMISSION OP THE EUROPEAN
      COMMUÎïrriES
                                                     Brussels . 12 Deoember 1973
                             Proposal for a Regulation
                       amending the administrative rules for
                           short-term monetary support
                    (presented by the Commission to the Council )
         COM(73 ) 2170 final
 ---pagebreak---                                   Λ –                  COM(73 ) 2170 final
THE COUNCIL,
»
Having regard to the Treaty establishing the European Economic Community,
and in particular Article 235 thereof ;
Having regard to the proposal from the Commission made after consultation
with the Monetary Committee and the Committee of Governors ;
Having regard to the Opinion of the European Parliament ;
Having regard to the Opinion of the Economic and Social Committee ;
Whereas on 19 November 1973 "the Commission presented to the Council a
proposal for a Regulation amending Regulation (EEC ) No 907/73 of 3 April 1973
setting up a European Monetary Cooperation Fund containing, inter alia,
provisions relating to extension of the short–term credit facilities as fixed
in the administrative rules of the Fund referred to in Article 4 of the Re
Regulation aforesaid ;
Whereas short-term credit facilities should be extended with effect from
1 January 1974 without waiting for the adoption of all the amendments proposed
by the Commission, some of which still require analysis from the technical
angle ;
Whereas this Regulation is without prejudice to the final arrangements which
will be put into operation at the same time as the other measures to be
adopted for the progressive widening of the Fund 's responsibilities and of
the use of the European monetary unit of account ;
HAS ADOPTED THIS REGULATION;
 ---pagebreak---                                - 2 -                    COM(73 ) 2170 final
1.    The administrative rules hitherto applied by the Fund for the
provision of short-term monetary support are amended as follows :
( a) The amount of support which may "be given to each Central Bank
      ("debit share") shall be :
                    Deutsche Bundesbank                 600 million  u.a .
                    Banque de France                    600 million  u.a .
                    Bank of England                     600 million  u.a .
                    Banca d*Italia                      400 million  u.a .
                    Banque Nationale de Belgique        200 million  U « cl *
                    Nederlandsohe Bank                  200 million      cl »
                    Danmarks Nationalbank                90 million  u. a.
                    Central Bank of Ireland              35 million  u.a .
00                of support which each Central Bank agrees to finance
      ("credit share") shall be :
                    Deutsche Bundesbank               1 200 million  u.a.
                    Banque de France                  1 200 million  u.a .
                    Bank of England                   1 200 million  u.a.
                    Banca d' Italia                     800 million  u.a .
                    Banque Nationale de Belgique        400 million  u.a .
                    Nederlandsche Bank                  400 million  u.a .
                    Danmarks Nationalbank               180 million  u.a .
                    Central Bank of Ireland              70 million  u.a .
( c ) The totaj. amount by which credit positions may be increased and the
      total amount by which debit positions may be increased shall not
      exceed 1 500 million u.a .
2.    In all other respects the said administrative rules remain unchanged .
 ---pagebreak---                                                               COM(73 ) 2170 final
                              Article 2
The Board of Governors of the Fund, shall adopt the necessary technical
provisions for implementing the administrative rules amended as aforesaid .
This Regulation shall enter into force on 1 January 1974 «
This Regulation shall "be binding in its entirety and directly applicable
in all Member States .
Done at Brussels .                                For the Council
                                                  The' President