Commission Regulation (EEC) No 3187/87 of 23 October 1987 laying down detailed rules for the application of Article 5a of Regulation (EEC) No 729/70

COMMISSION  REGULATION (EEC) No 3187/87
of 23 October 1987
laying down detailed rules for the application of Article 5a of Regulation (EEC) No 729/70
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community,
Having regard to Council Regulation (EEC) No 729/70 of 21 April 1970 on the financing of the common agricultural policy (1), as last amended by Regulation (EEC) No 3183/87 (2), and in particular Article 5a thereof,
Whereas the last subparagraph of Article 4 (2) of Regulation (EEC) No 729/70 provides for the financial resources intended to cover the expenditure referred to in Article 1 (2) of that Regulation to be provided by the Member States according to the needs of their paying agencies;
Whereas Article 5a of Regulation (EEC) No 729/70 makes provision for the Community being responsible for all or part of the interest, to take account of any difficulties which some Member States might encounter because of the introduction of the new system;
Whereas in the light of the current situation in the Community it appears advisable to limit the Community budget's responsibility for interest charges to four Member States;
Whereas it appears desirable to lay down a formula for calculating the annual interest and to make provision for such interest being paid monthly;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the EAGGF Committee,