78/153/EEC: Commission Decision of 22 December 1977 authorizing Ireland to take certain protective measures under Article 108 (3) of the EEC Treaty (Only the English text is authentic)

• Articles: 3

Article 1

Ireland is authorized on a temporary basis to maintain the restrictions on the acquisition by residents of foreign securities dealt in on a stock exchange and on the use of the proceeds of liquidation thereof, provided that: - the entire proceeds of liquidation of foreign securities can be sold on the investment currency market;

- the repayment of funds borrowed in investment currency to buy securities issued by the Communities or by the European Investment Bank and quoted on a stock exchange, can be made:

from the proceeds of liquidation, or by purchasing funds on the investment currency market, or, where the repayment is made over a period of five years, by purchasing funds at the official exchange rate.

Article 2

1. The Commission shall keep under close review the development of the economic situation in Ireland. It shall investigate the situation and the effects of the measures authorized herein not later than 31 December 1978.

2. The Commission reserves the right to amend or revoke this Decision if it finds that the conditions on which it was based have changed or that the effects of the Decision are more restrictive than is necessary to achieve its purpose.

Article 3

This Decision is addressed to Ireland.

Done at Brussels, 22 December 1977.

For the Commission

François-Xavier ORTOLI

Vice-President