77/414/EEC: Council Decision of 14 June 1977 concerning the changing of a tranche 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 prepay 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, on behalf of the Community, a public issue in the United States of notes denominated in US dollars underwritten by various investment banking firms, as indicated below, on the following major terms: >PIC FILE= "T0010549">

The rate of interest and public issue price shall be fixed by agreement between the Commission, or such agents as it may designate, and the underwriters. (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. (4)OJ No L 72, 19.3.1977, p. 25.

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.

Article 4

The economic policy conditions to be observed by the Italian Republic are as laid down in Decision 77/359/EEC (1) amending Decision 76/324/EEC (2).

Council Decision 76/323/EEC of 15 March 1976 laying down the economic policy conditions to be observed by Ireland (3), 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 Luxembourg, 14 June 1977.

For the Council

The President

T. BENN (1)OJ No L 132, 27.5.1977, p. 34. (2)OJ No L 77, 24.3.1976, p. 16. (3)OJ No L 77, 24.3.1976, p. 15.