80/30/EEC: Council Decision of 20 December 1979 extending Decision 76/402/EEC on the level of the interest rate subsidy, provided for in Directive 72/159/EEC on the modernization of farms, to be applied in Italy

• Published date: 17 January 1980
• Subject Matter: Agricultural structures,European Agricultural Guidance and Guarantee Fund (EAGGF)
• Official Gazette Publication: Official Journal of the European Communities, L 12, 17 January 1980

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80/30/EEC: Council Decision of 20 December 1979 extending Decision 76/402/EEC on the level of the interest rate subsidy, provided for in Directive 72/159/EEC on the modernization of farms, to be applied in Italy

Official Journal L 012 , 17/01/1980 P. 0029

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( 1 ) OJ NO L 96 , 23 . 4 . 1972 , P . 1 .

( 2 ) OJ NO L 108 , 26 . 4 . 1976 , P . 39 .

( 3 ) OJ NO L 23 , 28 . 1 . 1978 , P . 40 .

COUNCIL DECISION

OF 20 DECEMBER 1979

EXTENDING DECISION 76/402/EEC ON THE LEVEL OF THE INTEREST RATE SUBSIDY , PROVIDED FOR IN DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY

( 80/30/EEC )

THE COUNCIL OF THE EUROPEAN

COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ,

HAVING REGARD TO COUNCIL DIRECTIVE 72/159/EEC OF 17 APRIL 1972 ON THE MODERNIZATION OF FARMS ( 1 ), AND IN PARTICULAR THE SECOND SUBPARAGRAPH OF ARTICLE 8 ( 2 ),

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ,

WHEREAS THE ITALIAN GOVERNMENT HAS REQUESTED THE EXTENSION OF COUNCIL DECISION 76/402/EEC OF 6 APRIL 1976 ON THE LEVEL OF THE INTEREST RATE SUBSIDY , PROVIDED FOR BY DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY ( 2 ), AS LAST AMENDED BY DECISION 78/69/EEC ( 3 ), AND WHICH IS APPLICABLE UNTIL 31 DECEMBER 1979 ;

WHEREAS THE CURRENT RATE OF INTEREST IN ITALY FOR LONG-TERM AGRICULTURAL LOANS IS 14.8 % , WHICH IS 1.4 % MORE THAN THE RATE WHICH SERVED AS A BASIS FOR DECISION 76/402/EEC ;

WHEREAS APPLICATION OF AN INTEREST RATE OF 14.8 % AND OF INTEREST RATE SUBSIDIES OF 9 % , 11 % AND 12 % RESPECTIVELY WOULD MEAN THAT THE BENEFICIARY WOULD HAVE TO BEAR A RATE OF INTEREST IN EXCESS OF THE MINIMUM PRESCRIBED BY DIRECTIVE 72/159/EEC ,

HAS ADOPTED THIS DECISION :

ARTICLE...