Commission Regulation (EC) No 2623/1999 of 10 December 1999 amending Regulation (EEC) No 411/88 on the method and the rate of interest to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal

COMMISSION REGULATION (EC) No 2623/1999
of 10 December 1999
amending Regulation (EEC) No 411/88 on the method and the rate of interest to be used for calculating the costs of financing intervention measures comprising buying-in, storage and disposal
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Community,
Having regard to Council Regulation (EEC) No 1883/78 of 2 August 1978 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section(1), as last amended by Regulation (EC) No 1259/96(2), and in particular Article 5 thereof,
Whereas:
(1) Commission Regulation (EEC) No 411/88(3), as last amended by Regulation (EEC) No 1644/89(4), lays down the method and interest rate to be used for calculating the costs of financing intervention measures. It stipulates that the uniform interest rate shall correspond to the interest rates for the ecu for three months and twelve months' forward rates recorded by the Statistical Office of the European Communities on the euromarkets with a weighting of one third and two thirds respectively;
(2) a new European money market reference rate for the euro, known as EURIBOR, was introduced on 1 January 1999 along with the euro. It replaced the various national IBOR rates of the participating Member States and it is published monthly by the European Central Bank;
(3) Article 3 of Regulation (EEC) No 411/88 and the Annex thereto should be amended as a result of the introduction of the euro;
(4) the measures provided for in this Regulation are in accordance with the opinion of the EAGGF Committee,