77/414/EEC: Council Decision of 14 June 1977 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest

COUNCIL DECISION  of 14 June 1977  concerning the changing of a tranche of a Community loan from variable to fixed rates of interest  (77/414/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 was 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$ 300 million for five years from a syndicate of banks, as provided for by Article 1 (4) ; whereas this borrowing was 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 made possible two funding operations each for an amount of US$ 100 million, which were the subject of Decisions 76/771/EEC (3) and 77/232/EEC (4) ; whereas these negotiations have led to the possibility of carrying out a fixed interest borrowing operation for US$ 100 million, corresponding to the last tranche of the variable interest rate loan repayable on 12 July 1977 on the Community's initiative;
Whereas the financial terms of the loan to Ireland and to the Italian Republic must therefore be altered,