CELEX: 51995PC0329
Language: en
Date: 1995-07-11
Title: Amended proposal for a COUNCIL DECISION relating to exceptional Community aid for the reconstruction of the areas stricken by the cyclone that hit Madeira in October 1993

COMMISSION OF THE EUROPEAN COMMUNITIES
                                              Brussels, 11.07.1995
                                              COM(95) 329 final
 I
                                              94/ 0258 (CNS)
                         Amended proposal for a
                          COUNCIL DECISION
   relating to exceptional Community aid for the reconstruction of the
      areas stricken by the cyclone that hit Madeira in OcSber"993
     (presented by the Commission pursuant to Article 189 a (2)
                             of the EC-Treaty)
p
%
 ---pagebreak---  ---pagebreak---                             EXPLANATORY MEMORANDUM
On 7 April 1995, the European Parliament adopted an opinion on the proposal for a Council
Decision relating to exceptional Community aid for the reconstruction of the areas stricken
by the cyclone that hit Madeira in October 1993.
Three amendments to the Commission's original proposal were adopted on that occasion
The Commission agreed to incorporate all the amendments as they do not alter the intent of
the original proposal. The changes are summarised below.
       Article 1 (EP Amendment 1)
      This amendment is partly of editorial nature. Additionally, it specifies the period in
       which the projects are to be carried out (1993-1997) as well as the nature of the
      projects (infrastructure work, preventative work and restoration of basic living
      conditions for the inhabitants).
      Article la (EP Amendment 2)
      The addition indicates that the authorities in Portugal should put forward projects "in
      close co-operation with the regional and local authorities and the social partners"
      Article lb (EP Amendment 3)
      The content of this article is new. It calls for a report to be established not later than
      31 December 1998 by the Commission in co-operation with the Bank on the
      implementation and results of the initiative.
 ---pagebreak---                                      Amended proposal for a
                                     COUNCIL DECISION
              relating to exceptional Community aid for the reconstruction of the
                 areas stricken by the cyclone that hit Madeira in October 1993
Following the opinion of the European Parliament given on 7 April 1995, the following
modification is introduced in article 1 of the Commission's original proposal (COM(94) 488):
 Original proposal                                  Modified proposal
 Article 1                                          Article 1
 The ultimate recipients of the loans,              1. The Community shall grant an interest
 granted by the European Investment                     subsidy chargeable to the general
 Bank out of its own resources, for                     budget of the European Union, at a
 investment projects carried out in the                 rate of three percentage points per
 areas devastated by the cyclone of                     annum for up to 12 years, on the loans
 October 1993 in Madeira, shall be                      granted by the European Investment
 entitled to an interest subsidy chargeable             Bank out of its own resources with a
 to the general budget of the European                  view to the financing of investment
 Communities, up to the equivalent of a                 projects carried out in the areas
 capital value of ECU 15.85 million in all.             devastated by the cyclone of October
                                                        1993 in Madeira.
 On the basis of projects put forward by
 the authorities in Portugal, and approved          2. These loans, whose total amount may
 by the Bank, the Commission shall grant                not exceed the equivalent of a capital
 this subsidy at a rate of three percentage             value of ECU 15.85 million, shall be
 points per annum for up to 12 years.                   granted for the financing of projects
                                                        carried out between 1993 and 1997
                                                        for the reconstruction of the affected
                                                        areas, including infrastructure work,
                                                        preventative work and restoration of
                                                        basic living conditions for the
                                                        inhabitants-
                                                     Article la
                                                     The loans shall be awarded on the basis
                                                     of projects put forward by the authorities
                                                    in Portugal in close co-operation with the
                                                     regional and local authorities and the
                                                     social partners and approved by the
                                                     European Investment Bank.
                                                     Article lb
                                                     The Commission, in close co-operation
                                                     with the European Investment Bank,
                                                     shall report to the European Parliament
                                                     and the Council no later than 31
                                                     December 1998 on the implementation
                                                     and results of the financing concerned.
 ---pagebreak---  ---pagebreak---                                                                     ISSN 0254-1475
                                                             COM(95) 329 final
                                               DOCUMENTS
EN                                                                             13
                                     Catalogue number : CB-CO-95-360-EN-C
                                                              ISBN 92-77-91460-2
Office for Official Publications of the European Communities
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