Legal provisions of COM(2007)12 - Amendment of Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section

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dossier COM(2007)12 - Amendment of Regulation (EEC) No 1883/78 laying down general rules for the financing of interventions by the European ...
document COM(2007)12 EN
date June 11, 2007

Contents

Article 1

The third subparagraph of Article 5 of Regulation (EEC) No 1883/78 is replaced by the following:

‘By way of derogation from the first subparagraph, if the average interest rate borne by a Member State in the course of the third month following the reference period used for the establishment of the uniform interest rate by the Commission is more than twice the uniform interest rate, the Commission may, for the financial years 2007 and 2008, in financing the interest costs incurred by that Member State, cover the amount which corresponds to the interest rate borne by this Member State minus the uniform rate of interest.’

Article 2

This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.

It shall apply to expenditure incurred from 1 October 2006.

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