Commission Regulation (EEC) No 175/81 of 22 January 1981 amending Regulation (EEC) No 467/77 on the method and the rate of interest to be used for calculating the costs of financing intervention measures comprising buying in, storage and disposal

COMMISSION REGULATION (EEC) No 175/81 of 22 January 1981 amending Regulation (EEC) No 467/77 on the method and the rate of interest to be used for calculating the costs of financing intervention measures comprising buying in, storage and disposal
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 929/79 (2), and in particular Article 3 (2) thereof,
Having regard to Council Regulation (EEC) No 1883/78 of 2 August 1978 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section (3), as last amended by Regulation (EEC) No 249/80 (4), and in particular Article 5 thereof,
Whereas, under the rules governing common market organizations, provision may be made for payment for a product bought in by an intervention agency to be effected only after a certain period ; whereas such a provision was introduced by Commission Regulations (EEC) No 685/69 (5) and (EEC) No 625/78 (6), as amended by Regulation (EEC) No 2863/80 (7);
Whereas the present system as regards interest charges on capital tied up at national level is based on the average quantity of the product in store each month;
Whereas the method used for calculating interest charges should be adjusted to take account of the period for payment where this is stipulated in the rules ; whereas Commission Regulation (EEC) No 467/77 (8) should consequently be amended;
Whereas the interest rate currently valid was fixed at 8 % by Regulation (EEC) No 467/77 ; whereas, taking account of the development of interest rates, it is necessary to amend this figure;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the EAGGF Committee,