Council Regulation (EEC) No 1571/93 of 14 June 1993 amending Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section

• Published date: 25 June 1993
• Subject Matter: European Agricultural Guidance and Guarantee Fund (EAGGF)
• Official Gazette Publication: Official Journal of the European Communities, L 154, 25 June 1993

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Council Regulation (EEC) No 1571/93 of 14 June 1993 amending Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section

Official Journal L 154 , 25/06/1993 P. 0046 - 0047
Finnish special edition: Chapter 3 Volume 50 P. 0091
Swedish special edition: Chapter 3 Volume 50 P. 0091

COUNCIL REGULATION (EEC) No 1571/93 of 14 June 1993 amending Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section

THE COUNCIL 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), and in particular Article 3 (2) thereof,

Having regard to the proposal from the Commission (2),

Having regard to the opinion of the European Parliament (3),

Whereas, for intervention operations for which a unit amount has not been set by market organization rules, basic Community financing rules have been set by Regulation (EEC) No 1883/78 (4), in particular as to the method of establishing the amounts to be financed, the financing of expenditure resulting from tying up the funds needed for intervention purchasing, the valuation of stocks to be carried over from one year to another and the financing of expenditure resulting from the physical operations of storage;

Whereas Article 5 of Regulation (EEC) No 1883/78 provides that the interest charges incurred by Member States in mobilizing the funds used to purchase public intervention products are to be financed by the Community at a uniform interest rate;

Whereas it is possible that in a Member State the buying into public intervention of agricultural products can be financed only at interest rates which are substantially higher than the uniform interest rate;

Whereas, in so far as such a difference in interest rates is deemed excessive for a given Member State, provision should be made for a correcting mechanism to be applied in such situations;

Whereas, in such cases, the difference between the particularly high interest rate paid by a Member State and the uniform interest rate should nevertheless be partially borne by the Member State concerned in order to encourage it to...