CELEX: 51987PC0727
Language: en
Date: 1987-12-22
Title: PROPOSAL FOR A COUNCIL DECISION AMENDING DECISION NO 87/182/EEC OF 9 MARCH 1987 EMPOWERING THE COMMISSION TO BORROW UNDER THE NEW COMMUNITY INSTRUMENT WITH REGARD TO EXCEPTIONAL COMMUNITY AID FOR THE RECONSTRUCTION OF THE AREAS STRICKEN BY THE EARTHQUAKES OF SEPTEMBER 1986 IN GREECE

26.1.88                                     Official Journal of the European Communities                               No C 20/9
                Proposal for a Council Decision amending Decision No 87/182/EEC of 9 March 1987
                empowering the Commission to borrow under the New Community Instrument with regard to
                exceptional Community aid for the reconstruction of the areas stricken by the earthquakes of
                                                       September 1986 in Greece
                                                          COM(87)     727final
                                  (Submitted by the Commission to the Council on 23 December 1987)
                                                             (88/C 20/07)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,                               HAS DECIDED AS FOLLOWS:
Having regard to the Treaty establishing the European                                            Article 1
Economic Community, and in particular Article 235
                                                                       The following paragraphs shall be added to Article 1 of
thereof,
                                                                       Decision No 87/182/EEC:
Having regard to the proposal from the Commission,                         'In addition, the Commission shall exceptionally be
                                                                           empowered to borrow, on behalf of the European
                                                                           Economic Community, in order to                 finance
Having regard to the opinion of the European Par-
                                                                           investment projects for the reconstruction of the
liament,
                                                                           means of production and of the economic and social
                                                                           infrastructure, including housing, in the areas
Whereas the population of certain areas of Greece have                     devastated by the earthquakes of September 1986 in
been gravely affected by the earthquakes of September                      Greece. Article 2, Article 3(1) and Article 4 shall not
 1986, with a consequent need to help to offset the effects                apply to the loans so granted.
of this disaster on their economic and social well-being;
                                                                           The amount of these exceptional borrowing powers
Whereas the areas stricken by these earthquakes extend                     shall be such as to permit the granting of loans up to
over the town of Kalamata and its surroundings in the                      the equivalent of a capital value of 100 million ECU
nomos of Messinia;                                                         in all, this figure to be reduced by the value of any
                                                                           loans made for the same purpose by the European
                                                                           Investment Bank out of its own resources.'
Whereas steps should be taken to deal quickly and
efficiently with this quite exceptional situation;
                                                                                                  Article 2
Whereas Council Decision No 87/182/EEC of 9 March                       The following paragraphs shall be added to Article 5 of
 1987 empowering the Commission to borrow for the                       Decision No 87/182/EEC:
promotion of investment in the Community (x) provides a
 means, subject to the amendments made by the present                       'The ultimate recipients of the loans granted up to a
                                                                            combined capital value of 100 million ECU, under
 decision, of helping to attain this objective;
                                                                            the New Community Instrument by virtue of Article
                                                                             1 and by the European Investment Bank out of its
Whereas an interest subsidy should be provided on loans                     own resources, for investment projects carried out in
 granted for this purpose whether under the New                             the areas devastated by the earthquakes of September
 Community Instrument or made from the European                              1986 in Greece, shall be entitled to an interest
 Investment Bank's own resources;                                           subsidy chargeable to the General Budget of the
                                                                            European Communities.
 Whereas the European Investment Bank has agreed to
 cooperate in carrying out this Decision;                                   On the basis of projects put forward by the Greek
                                                                            authorities, the Commission shall grant this subsidy
                                                                            at a rate of three percentage points per annum for up
 Whereas the Treaty does not provide the requisite                          to 12 years.'
 specific powers;
                                                                                                  Article 3
 (') O J N o L 7 1 , 14. 3. 1987.                                       This decision shall take effect from 1 January 1988.