Council Regulation (EEC) No 801/87 of 16 March 1987 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

• CELEX: Regulation (EEC) No 801/87
• Articles: 2

Article 1

The following subparagraphs are added to Article 4 (1) of Regulation (EEC) No 1883/78:

'Where specific measures for the disposal of butter from public stocks are taken under a common market organization within the milk and milk products sector in 1987 and 1988 with reference to this provision, financing of the loss on the sale shall begin in 1989 and shall be limited to 25 % of the amount of the loss recorded during the financial year concerned. The remaining 75 % shall be financed in instalments of 25 % over the following three financial years. This financing will take place, unless unavoidably prevented, during the first three months of each year in question.

The loss on the sale shall be equal to the difference between the value of the quantities carried over, as referred to in Article 1 (1) (c) of Regulation (EEC) No 3247/81 (1), and the value of the quantities disposed of pursuant to a measure as referred to in the previous subparagraph.

The unreimbursed amounts in respect of losses so calculated shall bear interest at rates fixed pursuant to Article 5.

(1) OJ No L 327, 14. 11. 1981, p. 1.'

Article 2

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

It shall apply with effect from 1 December 1986.

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

Done at Brussels, 16 March 1987.

For the Council

The President

L. TINDEMANS

(1) OJ No L 94, 28. 4. 1970, p. 13.

(2) OJ No L 362, 31. 12. 1985, p. 17.

(3) Opinion delivered on 12 March 1987 (not yet published in the Official Journal).

(4) OJ No C 59, 7. 3. 1987, p. 5.

(5) OJ No L 216, 5. 8. 1978, p. 1.

(6) OJ No L 119, 8. 5. 1986, p. 18.