Commission Regulation (EEC) No 1550/85 of 6 June 1985 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 1550/85
of 6 June 1985
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 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 (1), as last amended by Regulation (EEC) No 1716/84 (2), and in particular Article 5 thereof,
Whereas Article 1 (4) of Commission Regulation (EEC) No 467/77 (3), as last amended by Regulation (EEC) No 400/85 (4), states that where payment for a product bought in by an intervention agency is effected after a certain period, the quantities to be used for the calculation of interest charges are to be reduced;
Whereas it transpires that, as a consequence of the extension of periods for payment and of major buying in in certain sectors at the end of the financial year, this reduction may produce a negative result; whereas the method should be adjusted to take account of this effect;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the Fund Committee,