Council Regulation (EEC) No 801/87 of 16 March 1987 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 801/87
of 16 March 1987
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 3769/85 (2), and in particular Article 3 (2) thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Parliament (3),
Having regard to the opinion of the Court of Auditors (4),
Whereas in 1987 and 1988 additional measures should, by way of exception, be taken to accelerate the disposal of butter in public storage and specific rules laid down for financing it so that the resulting budgetary cost is spread over several years;
Whereas, for this reason, the financing by the EAGGF, Guarantee Section, of expenditure relating to losses on sales during the 1987 and 1988 financial years, should be postponed until 1989; whereas the financing of this expenditure should begin in the 1989 financial year and should be limited to 25 % for that financial year and the remaining 75 % should be financed in instalments of 25 % over the next three financial years;
Whereas the immediate adoption of these measures is a condition for their being fully effective;
Whereas Council Regulation (EEC) No 1883/78 (5), as last amended by Regulation (EEC) No 1334/86 (6), should be amended accordingly,