CELEX: 31972R0741
Language: en
Date: 1972-04-12 00:00:00
Title: Regulation (EEC) No 741/72 of the Commission of 12 April 1972 on the method and rate of interest to be applied for calculating the financing costs of interventions in the internal markets for beef and veal and for milk and milk products

Official Journal of the European Communities                                         75
  No L 87 / 12                         Official Journal of the European Communities                                    13.4.72
                               REGULATION (EEC) No 741 /72 OF THE COMMISSION
                                                       of 12 April 1972
               on the method and rate of interest to be applied for calculating the financing costs of
               interventions in the internal markets for beef and veal and for milk and milk products
 THE COMMISSION OF THE EUROPEAN                                    Whereas a 6 % per annum rate of interest represents
 COMMUNITIES,                                                      the return on money loaned within the European
                                                                  Economic Community from the period 1968/69;
 Having regard to the Treaty establishing the Euro­
 pean Economic Community;                                         Whereas it is necessary to calculate the financing
                                                                  costs in accordance with a method which, on the one
 Having regard to Council Regulation No 17/64/EEC1                hand, takes account of the extent of storage, of the
 of 5 February 1964 on the conditions for granting aid            differences in value between individual consignments
 from the European Agricultural Guidance and Gua­                 of beef on offer subject to intervention, of the fact
 rantee Fund, as last amended by Regulation (EEC)                 that the quantities of beef and of butter in storage
 No 2591 /702;                                                    at the beginning of the period have been somewhat
                                                                  reduced in value and also of the fact that the inter­
 Having regard to Council Regulation (EEC) No                     vention price of individual products may vary in the
 729/703 of 21 April 1970, on the financing of the                course of the period considered, and which, on the
 common agricultural policy;                                      other hand, is still easily applicable;
 Having regard to Council Regulation (EEC) No                     Whereas this Regulation applies as from the period
2305/ 704 of 10 November 1970 on the financing of                  1968/69 in so far as the provisions adopted on the
intervention expenditure in respect of the internal               basis of Regulation 17/64/EEC are still in force;
market in beef and veal, in particular Article 3 ( 1 )
 (g) thereof;                                                     Whereas the measures provided for in this Regula­
                                                                  tion are in accordance with the Opinion of the Fund
 Having regard to Council Regulation (EEC) No                     Committee,
2306/ 705 of 10 November 1970 on the financing of
 intervention expenditure in respect of the internal              HAS ADOPTED THIS REGULATION :
market of milk and milk products, and in particular
 Articles 4, 5 and 6 ( 1 ) (g) thereof;
                                                                                             Article 1
Whereas, pursuant to Article 2 ( 1 ) of Regulation                The rate of interest referred to in Article 3 ( 1 ) (g) of
(EEC) No 2305/70 and to Article 3 (2) of Regula­                  Regulation (EEC) No 2305/70 and in Articles 4 ( 1 )
tion ( EEC) No 2306/ 70, accounts are to be set up,                (g), 5 ( 1 ) (g) and 6 ( 1 ) (g) of Regulation (EEC) No
for each Member State and for each of the periods,                2306/70 shall be fixed at 6 % per annum.
determining the net losses sustained by the interven­
tion agencies concerned;
                                                                                             Article 2
Whereas there appear, among the entries in these
accounts, the financing costs which are to be calc­               1 . Each of the amounts referred to in Article 3 ( 1 )
ulated on the basis of a method and interest rate                 (g) of Regulation (EEC) No 2305 / 70 and in Articles
adopted in accordance with the procedure laid down                4(1 ) (g), 5 ( 1 ) (g) and 6 ( 1 ) (g) of Regulation (EEC)
 in Article 26 of Regulation No 17/64/EEC;                        No 2306/ 70 shall be calculated by applying the rate
                                                                  fixed in Article 1 to the average value per ton of the
                                                                  product which was the subject of intervention, and
1  OF No L 34, 27.2.1964 , p. 186/64.                             by multiplying the product thus obtained by the
2  Ol No L 280 , 26.12.1970 , p . 63 .
3  OJ No L 94, 28.4.1970, p. 13.                                  average stock of the period, and then by the ratio
4  OJ No L 249, 17.1 1.1970, p. 1 .                               between the length of the period concerned and the
5  OJ No L 249, 17.11.1970, p. 4.                                 length of one year.
 ---pagebreak--- 76                               Official Journal of the European Communities
2 . The average value per ton of product shall be           obtained by the number of months concerned in­
calculated by dividing the sum total of the values of       creased by one.
the products in stock on the first day of the period
plus the values of products purchased during the            4. The ratio referred to in paragraph 1 is 0-9233 for
period by the sum total of the tons of products in          the period 1968/69 and 0-5 for the period 'second
stock on the first day of the period pius the tons of       half-year 1969'.
products purchased during the period.
3 . The average stock of the period shall be calcu- .                              Article 3
lated by adding to the stock existing at the end of
each month of the period the stock carried over from        This Regulation shall be applied as from the period
the preceding period and dividing the amount thus »         1968/69 .
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 12 April 1972 .
                                                                               For the Commission
                                                                                             \
                                                                                     The President
                                                                                  S. L. MANSHOLT