COMMISSION REGULATION (EEC) No 175/81 of 22 January 1981 amending Regulation (EEC) No 467/77 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 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 929/79 (2), and in particular Article 3 (2) thereof,
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 (3), as last amended by Regulation (EEC) No 249/80 (4), and in particular Article 5 thereof,
Whereas, under the rules governing common market organizations, provision may be made for payment for a product bought in by an intervention agency to be effected only after a certain period ; whereas such a provision was introduced by Commission Regulations (EEC) No 685/69 (5) and (EEC) No 625/78 (6), as amended by Regulation (EEC) No 2863/80 (7);
Whereas the present system as regards interest charges on capital tied up at national level is based on the average quantity of the product in store each month;
Whereas the method used for calculating interest charges should be adjusted to take account of the period for payment where this is stipulated in the rules ; whereas Commission Regulation (EEC) No 467/77 (8) should consequently be amended;
Whereas the interest rate currently valid was fixed at 8 % by Regulation (EEC) No 467/77 ; whereas, taking account of the development of interest rates, it is necessary to amend this figure;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the EAGGF Committee,
Regulation (EEC) No 467/77 is hereby amended as follows:    1. The following paragraph 4, is added to Article 1:
"4. Where it is stipulated, in the rules governing common market organizations, that payment for a product bought in by an intervention agency may not be effected until a minimum of one month has elapsed after the date of acceptance of delivery, the average stock calculated in accordance with paragraph 3 shall be reduced by a quantity resulting from the following calculation: >PIC FILE= "T0020144">
For the purposes of this calculation, the minimum period given in the rules shall be taken as the period for payment. A month shall be considered as consisting of 30 days. Any part of a month longer than 15 days shall be considered a whole month ; any part of a month equal to or less than 15 days shall not be taken into account for this calculation."
2. The following paragraph is added to Article 2:
"For the period from 1 January to 31 December 1981 the rate of interest is 9 %."
This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Communities. It shall apply with effect from 1 January 1981.
(1) OJ No L 94, 28.4.1970, p. 13.  (2) OJ No L 117, 12.5.1979, p. 4.  (3) OJ No L 216, 5.8.1978, p. 1.  (4) OJ No L 28, 5.2.1980, p. 1.  (5) OJ No L 90, 15.4.1969, p. 12.  (6) OJ No L 84, 31.3.1978, p. 19.  (7) OJ No L 297, 6.11.1980, p. 16.  (8) OJ No L 62, 8.3.1977, p. 9.
This Regulation shall be binding in its entirety and directly applicable in all Member States.