31972R0741

Official Journal of the European Communities 75

No L 87 / 12 Official Journal of the European Communities 13.4.72

REGULATION (EEC) No 741 /72 OF THE COMMISSION of 12 April 1972 on the method and rate of interest to be applied for calculating the financing costs of interventions in the internal markets for beef and veal and for milk and milk products

THE COMMISSION OF THE EUROPEAN Whereas a 6 % per annum rate of interest represents COMMUNITIES, the return on money loaned within the European Economic Community from the period 1968/69; Having regard to the Treaty establishing the Euro­ pean Economic Community; Whereas it is necessary to calculate the financing costs in accordance with a method which , on the one Having regard to Council Regulation No 17/64/EEC1 hand, takes account of the extent of storage, of the of 5 February 1964 on the conditions for granting aid differences in value between individual consignments from the European Agricultural Guidance and Gua­ of beef on offer subject to intervention, of the fact rantee Fund, as last amended by Regulation (EEC) that the quantities of beef and of butter in storage No 2591 / 702; at the beginning of the period have been somewhat reduced in value and also of the fact that the inter­ Having regard to Council Regulation (EEC) No vention price of individual products may vary in the 729/703 of 21 April 1970, on the financing of the course of the period considered, and which, on the common agricultural policy; other hand, is still easily applicable;

Having regard to Council Regulation (EEC) No Whereas this Regulation applies as from the period 2305/ 704 of 10 November 1970 on the financing of 1968/69 in so far as the provisions adopted on the intervention expenditure in respect of the internal basis of Regulation 17/64/EEC are still in force; market in beef and veal, in particular Article 3 ( 1 ) (g) thereof; Whereas the measures provided for in this Regula­ tion are in accordance with the Opinion of the Fund Having regard to Council Regulation (EEC) No Committee, 2306/ 705 of 10 November 1970 on the financing of intervention expenditure in respect of the internal HAS ADOPTED THIS REGULATION : market of milk and milk products, and in particular Articles 4, 5 and 6 ( 1 ) (g) thereof; Article 1 Whereas, pursuant to Article 2 ( 1 ) of Regulation The rate of interest referred to in Article 3 ( 1 ) (g) of (EEC) No 2305/70 and to Article 3 (2) of Regula­ Regulation (EEC) No 2305 /70 and in Articles 4 ( 1 ) tion ( EEC) No 2306/ 70, accounts are to be set up, ( g), 5 ( 1 ) (g) and 6 ( 1 ) (g) of Regulation (EEC) No for each Member State and for each of the periods, 2306/70 shall be fixed at 6 % per annum. determining the net losses sustained by the interven­ tion agencies concerned ; Article 2 Whereas there appear, among the entries in these 1 . Each of the amounts referred to in Article 3 ( 1 ) accounts, the financing costs which are to be calc­ ulated on the basis of a method and interest rate (g) of Regulation (EEC) No 2305 / 70 and in Articles adopted in accordance with the procedure laid down 4(1 ) (g), 5 ( 1 ) (g) and 6 ( 1 ) (g) of Regulation (EEC) in Article 26 of Regulation No 17/64/EEC; No 2306/ 70 shall be calculated by applying the rate fixed in Article 1 to the average value per ton of the product which was the subject of intervention, and 1 OF No L 34, 27.2.1964 , p . 186/64. by multiplying the product thus obtained by the 2 Ol No L 280 , 26.12.1970 , p . 63 . average stock of the period, and then by the ratio 3 OJ No L 94 , 28.4.1970, p . 13 . 4 OJ No L 249, 17.1 1.1970, p. 1 . between the length of the period concerned and the 5 OJ No L 249, 17.11.1970, p . 4. length of one year.

76 Official Journal of the European Communities

2 . The average value per ton of product shall be obtained by the number of months concerned in­ calculated by dividing the sum total of the values of creased by one. the products in stock on the first day of the period plus the values of products purchased during the 4. The ratio referred to in paragraph 1 is 0-9233 for period by the sum total of the tons of products in the period 1968/69 and 0-5 for the period 'second stock on the first day of the period pius the tons of half-year 1969'. products purchased during the period.

3 . The average stock of the period shall be calcu- . Article 3 lated by adding to the stock existing at the end of each month of the period the stock carried over from This Regulation shall be applied as from the period the preceding period and dividing the amount thus » 1968 /69 .

This Regulation shall be binding in its entirety and directly applicable in all Member States .

Done at Brussels, 12 April 1972 .

For the Commission \ The President S. L. MANSHOLT