77/232/EEC: Council Decision of 14 March 1977 concerning the changing of a trache of a Community loan from variable to fixed rates of interest

• Articles: 6

Article 1

The Commission shall be authorized to exercise the right to repay one tranche of $US 100 million of the variable interest rate bank loan referred to in Article 1(4) of Decision 76/322/EEC, and to take all necessary measures to that end.

Article 2

The Commission shall be authorized to take all actions and execute all documents necessary, proper or desirable to conclude with a syndicate of banks, on behalf of the Community, an agreement for a loan denominated in US dollars on the following major terms: >PIC FILE= "T0010546">

The rate of interest shall be fixed by agreement between the Commission, or such agents as it may designate, and the syndicate of banks.

Article 3

The Commission shall be authorized to conclude the necessary agreements on behalf of the Community with Ireland and the Italian Republic: - for repayment by these Member States of their portion of the proceeds of the variable interest rate bank loan to be repaid by the Community, and

- to lend Ireland and the Italian Republic respectively three-thirteenths and ten-thirteenths of the proceeds of the borrowing operation carried out in accordance with Article 2, and in the same currencies and on the same terms as the said operation. (1)OJ No L 46, 20.2.1975, p. 1. (2)OJ No L 77, 24.3.1976, p. 12. (3)OJ No L 265, 29.9.1976, p. 27.

Article 4

Council Decisions 76/323/EEC (1) and 76/324/EEC (2) of 15 March 1976 laying down the economic policy conditions to be observed by Ireland and the Italian Republic shall remain in force.

Article 5

The financial operations referred to in this Decision shall be carried out by the European Monetary Cooperation Fund.

Article 6

This Decision is addressed to the Member States.

Done at Brussels, 14 March 1977.

For the Council

The President

D. HEALEY (1)OJ No L 77, 24.3.1976, p. 15. (2)OJ No L 77, 24.3.1976, p. 16.