CELEX: 51977PC0088
Language: en
Date: 1977-03-18
Title: Proposal for a Council Decision modifying Council Decision no. 76/402/EEC on the lever of interest rats subsidy provided by Directive 72/159/EEC on the modernization of farms to be applied in Italy (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (77) 88
Vol. 1977/0034
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                            COM(77)88 final.
                                            Brussels , 18 March 1977 .
                            Propoaal
          for a Council Decision modifying Council Decision
          no. 76/402/EEC on the lever of interest rat. subsidy
         provided by Directive 72/159/EEC on the modernisation
         of farms to be applied in Italy
              (submitted to the Council by the Commission)
 CQM(77 ) 88 final .
 ---pagebreak---                       EXPLANATORY ME.MORANIUM
  On the proposal of the Commission based on the request of the Italian
  Government , the Council authorized by his decision of the 6th April
  1976 ( l ) the Italian Republic to raise the level of interest rate subsidy ,
  provided for in the first subparagraph of Article 8 paragraph 2 of
  Directive 72/ l59/EEC ( 2 ) to 11 % for the Mezzogiorno and the less-favoured
  regions of Northern and Central Italy, inoluding their mountain areas ,
  and to 9 i° f°r "the other regions .
  The Italian Government has made a new request this time to raise the
  level of interest rate subsidy to 12 % in the mountain areas as laid
. down by Directive 75/ 268/ESC of the 28th April 1975 ( 3) explaining that
  because of the present level of interest rate , a subsidy of 11 $ leaves
  an interest rate payable by the beneficiary of a minimum of 4 ? 15
  Such a high rate of charge on the beneficiary corresponding to double
  the minimum laid down by the Directive will result in a very large
  reduction of the potential for the modernization of farms in these
  particularly less-favoured regions .
  ( 1 ) OJ no. L 108 of 24.4.1976 , p. 39
  ( 2 ) OJ no. L 96 of 23.4.1972 , p. 1
  ( 3) OJ no. L 128 of 19.5.1975 , P. 1
 ---pagebreak---   THE COUNCIL OP THE EUROPEAN COMMUNITIES ,
  Having regard to the Treaty establishing the European
  Community,
                                                 «
  Haviag regard to Council Directive 72/ l5^/EEG ©f 17 April 1973 on tJtt
  Modernization of farms ( l ), and in particular the second eabparagrapk
  of Article 8 paragraph 2 thereof ,
  Having regard t ^ the proposal from the Commission,
  Whereas the second subparagraph of Article 8 paragraph 2 of Directive
  72/l55f/EEC provides that Member States may be authorized      gsrwA
  interest rata subsidies exceeding 5 i°y if such action is waS-FSJatedl fy
. the situation of the capital market in the Member States , a»d ta regno*
  t* 2     the minimum rate payable by beneficiaries la oerfcain ragloaet
  Whereas the Italian Government has requested authori »ati o» t® rai«« tlx
  level of the interest rate subsidy to 12 $ in the taoust&ia Area laid
  down *y I>ireotive 75/ 273/EEC of 28 April 1975 ( 2)|
  Whereas the anticipated interest rate subsidy of 12 % laavws an interest
  rate payable by the beneficiary higher than the minimum charge prescribed
  V Directive 7 2/ 159/EEC 5
  Whereas the requested increase in interest subsidy is oad« especially
  necessary by the fact that having regard to th« present level pi interest
  rates , this subsidy leaves a rate of interest payable fy the taawfieiary
  which is more than twice the minimum rate foreseen in the £>ire«rtiv»f
  which have very negative consequences OB the effort® aado for sederni~
  zatien ef farms in these particularly 1ess- favoured regions ^
  HAS ADOPTED THE FOLLOWING DECISION 1
  ( 1 ) OJ no. L 96 of 23.4.1972 , p. 1
  ( 2) OJ no. L 128 of 19.5.1975 » P. 72
 ---pagebreak---                        Article 1
Article 1 of the Council Decision of 6 April "1976 ( l ) on the level of
interest rate subsidy provided by Directive 7 2/ 159/EEC on the moderni­
zation of farms to be applied in Italy is modified with effect from
7 December 1976 as follows :
"The Italian Republic is hereby authorized to increase the interest
rate subsidy provided for in the first subparagraph of Article 8
paragraph 2 of Directive 72/159/EEC "to 12 % for the mountain areas
as laid down in the Council * s Directive 75/ 268/EEC of 28 April 1975 »
to 11 % for the Mezzogiorno and the less-favoured regions of Northern
and Central Italy and to 9 % for the other regions ."
                        Article 2
This Decision is addressed to the Italian Republio .
Done at                                             For the Council
( 1 ) OJ no. 108 of 26.4.1976 . p. 39
 ---pagebreak---                              FINANCIAL                          S; ÏAT EWÎSNT                               frcGSW&awsjwiaw
                                                                                                               pato ,     1.3.1977
  1 . BU xi."          '      co:icjn.vs3 I       8100
  2 . ACTIf          : Proposition for Council Decision , to modify the Council 's Decision
       76 / £           'EEC , relating to the level of interest rate subsidies laid down in Direc-
       tivt             -7159 / EEC , concerning the modernisation of farms , to be applied in Italy .
  1 . iv ;                .. , Article 6 of Council Regulation 729/ ^ 0/ EEC or 28 April 1970 , relating
       to                 •financing of the common agricultural policy .
  4 . CT.CZ : . '■TS » Due to the relatively high interest rates of Italian loans , the Govern­
      ment of Italy wish to encourage an increased investment in the framework of the
      moderni sat ion of farms by granting higher inte-est rate subsidies to those farmer ;
       situated in the less favoured areas as set out in Directive 75 / 273 / EEC . Neverthe­
       less the minimum charges as laid down in the Directive to be borne by the benefi-
      £r, 1rT
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 5.2 UTTiiOD OF CALCULATION
 1.,The proposed Italian law has not changed the ceilings of expenditure fixed for
        those directives . As these ceilings have already been taken into consideration
        in the calculation of the global estimates for the directive , this proposed chan­
       ge cannot increase the costs to FE0GA as these are already estimated at the maxi­
       mum .
 2 . The main budgetary effect of this proposition will be to insure that the costs
       estimated by the Italian Government Services; are achieved .
   *              1        1        1  IHHI'WI       I   I »                         I  ■"!–»
6.0 FINANCING F0T.SIBLE KITH CREDITS INSCRIBED Il» HELEVA/.'T CHAPTER OF CURJO'T BUDGET ?
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6.2^X1^2:7* F0S A SUFFLEJS.'TAHY BUDGET ?                                                ,                                                  «ISSANO
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