CELEX: 51982PC0411
Language: en
Date: 1982-06-25
Title: Proposal for a COUNCIL REGULATION (EEC) amending Council Regulation (EEC) N° 1736/79 3 August 1979 on interest subsidies for certain loans granted under the European Monetary System. (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (82) 411
Vol. 1982/0137
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In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983
concerning the opening to the public of the historical archives of the European Economic
Community and the European Atomic Energy Community (OJ L 43, 15.2.1983, p. 1), as
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In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom 1.
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                       COM(82)411 final
                                                       Brussels , 25 June 1982
                         Proposal for a
                   COUNCIL REGULATION ( EEC )
amending Council Regulation ( EEC ) N° 1736/79            3 August 1979
on interest subsidies for certain loans granted under the
                   European Monetary System»^<-       -^,^
                                                 .
                                                 &         \y \
                                                ^Commission).*\
           ( submitted to the Council by the ^Commission
                               _
                                       W>.    *    ,/       /-V
COM ( 82 ) if 11 final
 ---pagebreak---                                                      CçTV^V
                                 EXPLANATORY MEMORANDUM
Article 1 of Council Regulation ( EEC ) N° 1736 / 79 on interest subsidies for
certain loans granted under the European Monetary System refers to NCI
loans granted under Decision 78 / 780 / EEC .
The funds borrowed and on-lent under the basic Decision setting up NCI I
(1 000 million ECU ) have now been entirely committed .
The EMS interest subsidy scheme will continue to operate until the end of
1983 , but NCI loans will no longer to able to benefit unless the Regulation
in question is amended .
The new Decision 82 / 169 / EEC adopted by the Council on 15 March 1982 ensures
the continuity of the NCI by providing for further borrowings up to a
ceiling of 1 000 million ECU .
With a view to a further renewal of the NCI beyond this ceiling , which may
be reached well before the end of 1983 , the Commission will shortly ask
the Council for a third authorization empowering it to borrow 3 000 million
ECU for the purpose of the NCI .
Consequently , Article 1 of Regulation ( EEC ) N° 1736 / 79 of 3 August 1979
must be so amended that it continues to apply to all NCI loans eligible
up to the end of 1983 .
 ---pagebreak---                       Proposal for a
Council Regulation ( EEC )                   ......... amending
Council Regulation ( EEC ) N° 1736 / 79 of 3 August 1979 on interest subsidies
for certain loans granted under the European Monetary System .
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,
Having regard to the Treaty establishing the European Economic Community ,
and in particular Article 235 thereof ,
                                                       1)
Having regard to the proposal from the Commission ,
                                                             2)
Having regard to the opinion of the European Parliament ,
Having regard to the opinion of the Economic and Social Committee, ^
                                                4)
Whereas Council Regulation ( EEC ) N° 1736 / 79    introduced for a period of
five years from 1 January 1979 a system of interest subsidies financed
from the General Budget of the European Communities for investments in the
less prosperous Member States effectively and fully participating in the
mechanisms of the European Monetary System;
Whereas this system of interest subsidies applies to loans granted from
the resources of the European Investment Bank and of the New Community
Instrument within the limits laid down by Article 7 of Regulation ( EEC )
N° 1736 / 79 ;
Whereas Article 1 of Regulation ( EEC ) N° 1736 / 79 refers to Council
Decision 78 / 870 / EEC concerning borrowing and Lending by the New Community
Instrument 5 ); whereas it is therefore necessary to ensure the continuity
of this measure by bringing successive Council Decisions on the renewal
of borrowing and lending authorizations within the scope of that Regulation .
1 ) OJ N 0
2 ) OJ N 0
3 ) OJ N 0
4 ) OJ N° L 200 , 8.8.1979 , p. 1
5 ) OJ N° L 298 , 25.10.1978, p. 9
 ---pagebreak--- HAS ADOPTED THIS REGULATION :
Article 1
Article 1 of Council Regulation ( EEC ) N° '1736 / 79 or 3 August 1979 is hereby
replaced by the following :
" Loans granted from its own resources by the European Investment Bank ,
hereinafter referred to as " the Bank ", and Loans granted under Counci I
Decisions concerning successive authorizations for borrowing operations
under the New Community Instrument during the period of application and
within the limits laid down by Article 7 of this Regulation to aid
investments in the less prosperous Member States may carry an interest
subsidy financed by the budget of the European Communities , provided
that these States effectively and fully participate in the mechanisms
of the European Monetary System ."
Article 2
This Regulation shall enter into force on the day on which it is published
in the Official Journal of the European Communities .
This Regulation shall be binding in its entirety and directly applicable
in all Member States .
Done at Brussels ,
                                            For the Council