CELEX: 51977PC0722
Language: en
Date: 1978-01-03
Title: Proposal for a COUNCIL DECISION prolonging Decision 76/402/EEC on the level of the interest rate subsidy, provided for 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) 722
Vol. 1977/0225
 ---pagebreak--- Disclaimer
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                           COM(77)722 final
                                           Brussels . 3 January 1978
                             Proposal for a
                            COUNCIL DECISION
              prolonging Decision 76/ 402/ EEC on the level
              of the interest rate subsidy , provided for
              by Directive 72/ 159/ EEC on the modernization
                   of farms , to be applied in Italy
              ( submitted to the Council by the Commission )
  COM ( 77 ) 722 final
 ---pagebreak--- 1, Following tha request of tho Italian Government and on the proposal of
     the Commission, the Council having regard to the high interest rata for
     long term loan® , in its decision * 6 April 1976 on tha level of tho inte­
     rest rate subsidy provided for *gr Directiva 72/l59/E®C 011                                   roodermsa-
     tion of farjna ( l ), to ha applied in Italy ( 2 ), authorised the Italian
     Qoveroisent to increase the interest rate subsidy to I
     a) 12 j* in the areas defined within the meaning of the Directive on
         mountain and hill farming and farming in certain less-favoured are&a (3)|
     b) 11 % in the Mesaogioroo region and in the depressed regions of the
         Centre and Horth of Italy, other than the areas referred to under a) and
     o ) 9 $> in the other regions *
2. In addition the Council decided in this Decision that the expenditure of the
      Italian Government resulting from this increased level of - interest subsidy
      rate shall he eligible according to the provisions of Direotive 72/159/®®°*
3. The above mentioned Council Decision is applicable until 31 December 1977 .
      The situation on the capital market in Italy in practically unchanged with
      regard to that of the Spring of 1976. The interest rate for long term
      agricultural loans has even increased slightly. The Italian Government
      consequently requested a prolongation of the Counoil Decision which appears
      completely justified having regard to this situation.                                                            .
                                                       v. ...--,     i
                                                     '           . . ... . · ·' 'λ ■ ·. *,. .· * ;    ■* .:· ' » ' ' ■
 ( 1 ) O.J. n° L 96 , 23.4.1976 , p. 1
 ( 2 ) O.J. na L 108 , 26.4.1976 , p. 39
 ( 3) O.J. n• L 128 , 19.5.1975 » P« 1
 ---pagebreak--- THE COUNCIL OP THE EUROPEAN COMMUNITIES .
Having regard to the Treaty establishing the European Economic
Community,                                          .                             1
Having r«g»,rd to Counoil Directive 72/159/ EBC of 17 April 1972 on the
modern ! nation of farms ( l ), and in particular the csoond subparagraph
of Arfciol,* 0 ( 2 ).
                                            <
Having regard to the proposal from the Commission,
Whereas the Italian Government has requested the prolongation of the
authorisation of Counoil Decision 76/402/EEC of 6 April 1976 on the
level of the interest rate subsidy, provided for by Directive
72/159/BEC on the modernisation of farms to be applied in Italy ( 2), as last
amended by Decision 77/ 681 / EEC ( 3 ), which is applicable until 31 December 19/7
Whereas the current rate of interest in Italy for long-term agricultural loans
 is 15,45% which is 2% greater than the rate on which
Decision 76/402/EEC was based ;
Whereas an interest rate of 15»45 % and interest rate subsidies of
respectively 9 $>t 11 $ and 12 $ will mean that the beneficiary is
oalled upon to bear a rate of interest in excess of the minimum laid
down by Directive 72/l59/EECj                                                   •
HAS ADOPTED THE FOLLOWING DECISION 3
( 1 ) ÛJNo L 96 , 23.4.1972 , P. 1
( 2) OJ No h 108 , 26.4.1976 , p. 39
( 3 ) OJ No L 281 , 4.11.1977, p. 19
                                                                            *
                                                                         /.
 ---pagebreak---                                     Article 1
Artiole 4 OF Decision 76/ 402/ EEC is hereby amended as follows :
                                   "Art ici a 4
This Deoislon shall apply until 31 December 1979"
This Deoislon la addressed to the Italian Republio,
                                                      WOT tho Counoil
 Done at Brussels - 3 January 1978                    r°r
       *
  ( 1) OJ No. L 281 , 4.11*1977 » P* 19
 ---pagebreak---                    FINANCIAL             STATEMENT
                                                                                a*™ .   9,12.1977
 1 . BUDGUT LINS CO!ICOWED T        8100
 2. ACTION i Proposition for Council Decision , to modify the Council 's Decision
      76/402 /EEC , relating to the level of interest rate subsidies laid down in Direc­
      tive 72/159/EEC , concerning the modernisation of farms , to be applied in Italy .
 3. LSCAL BASIS i Artiolo 6 of Council Regulation 729/70/EEC of 28 April 1970 , relating
      to the financing of the common agricultural policy . "
 I. OBJECTIVES I
                         2 yeaa prolongation until 31 December 1979 of the increased subsidy
       rate fixed by Counoil Decision 7 6/402/EEC of 6 April 1976.'
 5 . FINANCIAL CCNSEQUMCE                  TOR THE HAJUCETIHO TEAR (XJRREJFT FINANCIAL YEAR   FOLLOWNO FINANCIAL TEAR I
5.0 EXPEI.-DITUHE                                                          um               :
       -CHARGED TO THE EC BUDGET
        ( RKKUII16/I HTERVEHTIOKS )                                          5,5                      7,3
       -CHARGES TO NATIONAL ADKIHISTR.
       –CHARGES TO OTKER NATIONAL QROUFS                                   29,2                     29,2
5.1 RECEIPTS
       -OWN RSSOUILCIS OF T!!E EC
        ( LEVI ES/CUSTOMS DUTIES )
       -NATIOIIAL
                                                ...IS7A            TEAR         A?S9          TEAR     A?.8.1...,
5.0.1 PLURIA.VNUAL PATTER* OF EXPENDITURE            7,3                         7,3                     7,3 KUa .
5.1.1 PLURI ANNUAL PATTERN OF RECEIPTS                -                           –                       ~ '       '
5.2 METHOD OF CALCULATION
   1 . The proposed Italian Law has not changed the ceilings of expenditure filed for
         those directives . As these ceilings have already been taken into consideration
         in the calculation of the global estimates for the directive , this proposed
         change cannot increase the oosts to FEOGA as these are already estimated at
         the maximum .
    2 . The main budgetary effeot of this proposition will be to insure that the oosts
          estimated Toy the Italian Government Services are aohieved .
6.0 FINANCING POSSIBLE WITH CREDITS INSCRIBED IN RELEVANT CHAPTER OF CURRENT BUDGET ?                       KO
6.X FINANCING POSSIBLE BY TRANSFER B2TV.REEN CHAPTERS OP CURRENT BUDGET T
             4
6.2 NECIBSM FOR A SUPPLEMENTARY BUDGET ?                                                              X&&/NO
6.J CR23ITS TO BE WRITTEN INTO FUTURE BUDGETS ?                                                         K&/NO
                                                                                       Hone
coHxans ■