Council Regulation (EEC) No 2050/88 of 24 June 1988 amending Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section

COUNCIL REGULATION (EEC) No 2050/88 of 24 June 1988 amending Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section
THE COUNCIL 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 2048/88 (2), and in particular Article 3 (2) thereof,
Having regard to the proposal from the Commission (3),
Having regard to the opinion of the European Parliament (4),
Having regard to the opinion of the Court of Auditors (5),
Whereas Regulation (EEC) No 1883/78 (6), as last amended by Regulation (EEC) No 2095/87 (7), included basic rules for the financing of intervention measures in the form of public storage;
Whereas the rules on the depreciation of products in storage, referred to in Articles 7 and 8 of that Regulation, must be adapted to the new guidelines as regards the financing of agricultural expenditure set out in the Conclusions of the European  Council of 11 and 12 February 1988, according to which the storage situation must be brought back to normal by 1992;
Whereas from 1989 onwards, the value of agricultural products bought in under the market organization regulations should generally be depreciated directly on buying in;
Whereas extraordinary depreciation will be effected during the years 1989 to 1992 on the basis of appropriations entered for this purpose in the respective Community budgets;
Whereas the provisions of Regulation (EEC) No 1334/86 (8) authorizing the Commission to reduce the standard interest rate and the uniform standard amounts used for the calculation of public storage costs are to be extended until 1992, as intervention stock levels have not yet substantially declined,