88/12/EEC: Commission Decision of 16 December 1987 renewing and amending Decision 85/15/EEC authorizing Ireland to continue to apply certain protective measures pursuant to Article 108 (3) of the EEC Treaty (Only the English text is authentic)

COMMISSION  DECISION
of 16 December 1987
renewing and amending Decision 85/15/EEC authorizing Ireland to continue to apply certain protective measures pursuant to Article 108 (3) of the EEC Treaty
(Only the English text is authentic)
(88/12/EEC)
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 108 (3) thereof,
Whereas by Decision 85/15/EEC (1), amended by Decision 87/150/EEC (2), the Commission authorized Ireland to continue, until 19 December 1987, to apply certain protective measures to capital movements liberalized in accordance with the Council Directive of 11 May 1960 (3), as last amended by Directive 86/566/EEC (4),
Whereas Ireland has claimed that its balance of payments is still in difficulties and has requested a renewal of certain protective measures, in accordance with Article 2 (3) of Decision 85/15/EEC; whereas, however, relaxations are to be made by the Irish authorities, with effect from 1 January 1988, in the protective measures now in force for which renewal is requested;
Whereas it emerges from the Commission's review of the overall economic situation of Ireland that the improvement in Ireland's external position since 1984 permits a significant relaxation in the restrictions now applied to outward portfolio investment; whereas, however, if this improvement is to continue and be consolidated, notably by means of a reduction in the public sector deficit, and in more satisfactory growth conditions, the maintenance, for a relatively short period, of protective measures in this area is justified;
Whereas the authorization to apply the protective measures should be renewed and amended accordingly,