76/771/EEC: Council Decision of 20 September 1976 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest

COUNCIL DECISION  of 20 September 1976  concerning the changing of a tranche of a Community loan from variable to fixed rates of interest  (76/771/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community,
Having regard to Council Regulation (EEC) No 397/75 of 17 February 1975 concerning Community loans (1), and in particular the second paragraph of Article 2, and Article 3 thereof,
Having regard to the proposal from the Commission, which for this purpose consulted the Monetary Committee,
Whereas by Council Decision 76/322/EEC of 15 March 1976 concerning a Community loan in favour of the Italian Republic and of Ireland (2), the Commission has been authorized to conclude, on behalf of the Community, a series of borrowing operations which form a package including, in particular, a variable interest rate loan of US dollars 300 million for five years from a syndicate of banks, as provided for by Article 1 (4) ; whereas this borrowing has been made;
Whereas it is in the interests of both the Community and of the Member States benefiting from the said Decision to change the Community loans from variable to fixed rates of interest;
Whereas the Council has therefore authorized the Commission to initiate negotiations to this end;
Whereas these negotiations have led to the possibility of carrying out a fixed interest borrowing operation for US dollars 100 million, corresponding to the tranche of the variable interest rate loan repayable on 15 October 1976 on the Community's initiative;
Whereas the terms of the loan to Ireland and to the Italian Republic must therefore be altered,