Commission Regulation (EC) No 1035/94 of 3 May 1994 amending Regulation (EEC) No 2775/88 laying down detailed rules for the application of Article 5a of Council Regulation (EEC) No 729/70

COMMISSION REGULATION (EC) No 1035/94 of 3 May 1994 amending Regulation (EEC) No 2775/88 laying down detailed rules for the application of Article 5a of Council Regulation (EEC) No 729/70
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European 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 to Article 5a thereof,
Whereas the re-examination of the existing situation in the Community as far as interest rates are concerned, shows a downward trend requiring an adjustment of the rate laid down by Commission Regulation (EEC) No 2775/88 (3), as last amended by  Regulation (EEC) No 772/90 (4);
Whereas in view of Article 2 (2) of Regulation (EEC) No 2775/88, the monthly determination of expenditure relating to those interests is only provisional in order to allow a fast reimbursement to the Member States; that in view of Article 2 (1) of the  same Regulation, the definitive calculation of the total amount due by the Commission for a budgetary year has to be executed on a yearly basis; that therefore it is appropriate that the fixed rate covers a complete budgetary year;
Whereas the European Agricultural Guidance and Guarantee (EAGGF) Funds Committee has not delivered an opinion within the time limit set by its chairman,