Council Regulation (EEC) No 1763/92 of 29 June 1992 concerning financial cooperation in respect of all Mediterranean non-member countries

COUNCIL REGULATION (EEC) 1763/92  of 29  June 1992 concerning financial cooperation in respect of all Mediterranean non-member countries
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  (1),
Having regard to the opinion of the European Parliament  (2),
Whereas, with a view to establishing a new Mediterranean policy, at its meeting held on 18 and 19  December 1990 the Council adopted a resolution concerning financial cooperation in respect of all  Mediterranean non-member countries;
Whereas in that resolution it was agreed, inter alia, that the measures implemented pursuant to the  financial protocols concluded with the Mediterranean non- member countries should be supplemented  by other types of measure, namely those the scope of which extends beyond the context of a single  country and those which concern the environment;
Whereas there should be a programme lasting five years (1992 to 1996);
Whereas an amount of ECU 230 million is deemed necessary, in terms of financial resources from the  budget, for implementing this multiannual programme, including ECU 25 million for risk capital;  whereas for 1992, under the current financial perspective, the amount deemed necessary is ECU 46  million;
Whereas the amounts to be committed for financing the programme for the period subsequent to 1992  will have to form part of the Community financial framework in force;
Whereas the Council has decided that the part of the loans granted by the European Investment Bank,  hereinafter referred to as 'the Bank`, from its own resources under conditions laid down by it, in  accordance with its Statute, in respect of environmental projects will receive an interest-rate  subsidy and whereas an amount should therefore be set aside from budgetary resources for that  purpose;
Whereas it is necessary to lay down the detailed arrangements and the rules governing cooperation  relating to measures financed from budgetary resources;
Whereas in loan operations involving interest-rate subsidies, the granting of a loan by the Bank  from its own resources and the granting of an interest-rate subsidy financed by the budgetary  resources of the Community must be linked and are conditional upon each other; whereas the Bank  may, in accordance with its Statute, and in particular by a unanimous decision of its Board of  Directors in the presence of an unfavourable opinion by the Commission, decide to grant a loan from  its own resources, subject to granting of the interest-rate subsidy; whereas, on account of this  aspect, it is necessary to ensure that the procedure adopted for granting interst-rate subsidies  results in every case in an express decision, whether to grant the subsidy or to refuse it, where  appropriate;
Whereas it is necessary to make provision for a Committee consisting of representatives of the  Member States to assist the Bank in the tasks attributed to it to implement this Regulation;
Whereas, for the purposes of adoption of this Regulation, the only powers provided for by the  Treaty are those under Article 235,