Council Regulation (EEC) No 2051/88 of 24 June 1988 on the granting of financial compensation to the Kingdom of Spain and the Portuguese Republic following the depreciation of certain stocks of agricultural products

COUNCIL REGULATION (EEC) No 2051/88 of 24 June 1988 on the granting of financial compensation to the Kingdom of Spain and the Portuguese Republic following the depreciation of certain stocks of agricultural products
THE COUNCIL OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Parliament (1),
Whereas, in order to restore balance between supply and demand of certain agricultural products, exceptional measures have been taken to speed up the disposal of public intervention stocks of butter; whereas stock depreciation measures are planned for  other products;
Whereas foreseeabable expenditure on the disposal or depreciation of surplus stocks of agricultural products over the period 1988 to 1992 is put at 6 800 million ECU, which includes, from 1989 onwards, refunds of 3 200 million ECU to the Member States  in respect of the butter stock disposal programme carried out in 1987 and 1988;
Whereas, at its meeting from 11 to 13 February 1988, the European Council provided that appropriate compensation should be granted to the Kingdom of Spain and the Portuguese Republic in this context;
Whereas the Treaty has not provided the necessary powers, other than those of Article 235,