Article 1 
The Community shall provide subsidies for the purpose of lowering the interest rate on EIB loans to SMEs in the Community for a total amount of ECU 1 000 million in principal. These loans shall be extended by the EIB under the terms and conditions applying to loans granted under the temporary facility originally established by the Board of Governors of the EIB on 10 February 1993 and extended by the Board on 30 November 1993. The benefit of these subsidies shall be restricted to investment projects involving the creation of employment. The Community interest subsidies shall be fixed at 200 basis points; they shall be extended to the beneficiaries of the loans for a maximum period of five years. The EIB's decisions to extend loans benefiting from the abovementioned subsidy shall be taken within 12 months of the date of entry into force of this Decision. Article 2 The facility shall be administered by the EIB on behalf of the Community, exercising the same diligence as for operations carried out from its own resources. The detailed arrangements for implementing this Decision shall be laid down in a cooperation agreement between the Commission and the EIB. In particular, that agreement shall stipulate procedures whereby, for each project, the objective of employment creation laid down in Article 1 can be defined and progress in achieving it monitored. Article 3 Each year the Commission shall send the European Parliament and the Council a report evaluating the implementation of this Decision. In particular, the Commission shall, on the basis of information which the EIB shall make available for the purpose, report on the overall utilization of the SME facility in the Community and its impact on the creation of employment and on interest rates for investments by SMEs covered by the facility. A first report shall be submitted before 30 October 1994. Done at Luxembourg, 19 April 1994. For the Council The President Th. PANGALOS (1) OJ No C 10, 14. 1. 1994, p. 13. (2) OJ No C 114, 25. 4. 1994. (3) OJ No L 239, 16. 8. 1989, p. 33. (4) OJ No L 175, 4. 7. 1991, p. 32. (5) OJ No C 178, 15. 7. 1992, p. 8. (6) OJ No L 161, 2. 7. 1993, p. 68.
Article 2 
The facility shall be administered by the EIB on behalf of the Community, exercising the same diligence as for operations carried out from its own resources. The detailed arrangements for implementing this Decision shall be laid down in a cooperation agreement between the Commission and the EIB. In particular, that agreement shall stipulate procedures whereby, for each project, the objective of employment creation laid down in Article 1 can be defined and progress in achieving it monitored. Article 3 Each year the Commission shall send the European Parliament and the Council a report evaluating the implementation of this Decision. In particular, the Commission shall, on the basis of information which the EIB shall make available for the purpose, report on the overall utilization of the SME facility in the Community and its impact on the creation of employment and on interest rates for investments by SMEs covered by the facility. A first report shall be submitted before 30 October 1994. Done at Luxembourg, 19 April 1994. For the Council The President Th. PANGALOS (1) OJ No C 10, 14. 1. 1994, p. 13. (2) OJ No C 114, 25. 4. 1994. (3) OJ No L 239, 16. 8. 1989, p. 33. (4) OJ No L 175, 4. 7. 1991, p. 32. (5) OJ No C 178, 15. 7. 1992, p. 8. (6) OJ No L 161, 2. 7. 1993, p. 68.
Article 3 
Each year the Commission shall send the European Parliament and the Council a report evaluating the implementation of this Decision. In particular, the Commission shall, on the basis of information which the EIB shall make available for the purpose, report on the overall utilization of the SME facility in the Community and its impact on the creation of employment and on interest rates for investments by SMEs covered by the facility. A first report shall be submitted before 30 October 1994. Done at Luxembourg, 19 April 1994. For the Council The President Th. PANGALOS (1) OJ No C 10, 14. 1. 1994, p. 13. (2) OJ No C 114, 25. 4. 1994. (3) OJ No L 239, 16. 8. 1989, p. 33. (4) OJ No L 175, 4. 7. 1991, p. 32. (5) OJ No C 178, 15. 7. 1992, p. 8. (6) OJ No L 161, 2. 7. 1993, p. 68.