Commission Regulation (EEC) No 674/88 of 15 March 1988 amending for 1988 Regulation (EEC) No 411/88 on the method to be used and the interest rates to be applied for the calculation of the cost of financing intervention in the form of buying-in, storage and disposal

Avis juridique important

Commission Regulation (EEC) No 674/88 of 15 March 1988 amending for 1988 Regulation (EEC) No 411/88 on the method to be used and the interest rates to be applied for the calculation of the cost of financing intervention in the form of buying-in, storage and disposal Official Journal L 070 , 16/03/1988 P. 0011 - 0011

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COMMISSION REGULATION (EEC) No 674/88

of 15 March 1988

amending for 1988 Regulation (EEC) No 411/88 on the method to be used and the interest rates to be applied for the calculation of the cost of financing intervention in the form of 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 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 (EEC) No 2095/87 (2), and in particular Article 5 thereof,

Whereas the second paragraph of Article 5 of Regulation (EEC) No 1883/78 confers upon the Commission the power to set the uniform interest rates at a lower level for those Member States having interest costs lower than those deriving from the application of the uniform interest rate for the calculation of the financing costs;

Whereas the conditions laid down in the said Article 5 are met in certain Member States; whereas interest rates had fallen in two Member States in 1986; whereas this downward movement continued in 1987 in both Member States;

Whereas it is appropriate to establish for the Member States concerned the special interest rate to be applied in these Member States from 1 January 1988 onwards and to amend Commission Regulation (EEC) No 411/88 (3) accordingly;

Whereas the measures provided for in this Regulation are in accordance with the opinion of the EAGGF Committee,

HAS ADOPTED THIS REGULATION:

Article1¶

Article 4 (2) of Regulation (EEC) No 411/88 is hereby replaced by the following:

'2. For the period 1 January to 31 December 1988, the specific interest rate shall be:

- 5 % for Germany,

- 5,5 % for the Netherlands.'

Article2¶

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 1988.

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

Done at Brussels, 15 March 1988.

For the Commission

Frans ANDRIESSEN

Vice-President

(1) OJ No L 216, 5. 8. 1978, p. 1.

(2) OJ No L 196, 17. 7. 1987, p. 3.

(3) OJ No L 40, 13. 2. 1988, p. 25.