Council Regulation (EEC) No 1762/92Show full title

Council Regulation (EEC) No 1762/92

of 29 June 1992

on the implementation of the Protocols on financial and technical cooperation concluded by the Community with Mediterranean non-member countries

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof,

Having regard to the decisions concerning the conclusion of protocols on financial and technical cooperation between the Community and non-member Mediterranean countries, hereinafter referred to as ‘the Protocols’,

Having regard to the proposal from the Commission(1),

Having regard to the opinion of the European Parliament(2),

Whereas the Protocols provide for operations financed from the Community budget in the form of grants, special loans, contributions to the constitution of risk capital and loans from the own resources of the European Investment Bank, hereinafter referred to as ‘the Bank’;

Whereas it is necessary to lay down the detailed arrangements and the rules for the administration of financial cooperation;

Whereas, in loan operations involving interest-rate subsidies, the granting of a loan by the Bank from its own resources and the granting of an interest-rate subsidy financed by the budgetary resources of the Community must be linked and are conditional upon each other; whereas the Bank may, in accordance with its statute, and in particular by a unanimous decision of its Board of Directors in the presence of an unfavourable opinion by the Commission, decide to grant a loan from its own resources, subject to granting of the interest-rate subsidy; whereas, on account of this aspect, it is necessary to ensure that the procedure adopted for granting interest-rate subsidies results in every case in an express decision, whether to grant the subsidy or to refuse it, where appropriate;

Whereas it is necessary to make provision for a Committee consisting of representatives of the Member States to assist the Bank in the tasks attributed to it to implement this Regulation;

Whereas on 5 June 1984 and on 16 May 1989 the Council adopted resolutions on the coordination of cooperation policies and operations within the Community;

Whereas, for the purposes of adoption of this Regulation, the only powers provided for by the Treaty are those under Article 235,

HAS ADOPTED THIS REGULATION:

(1)

OJ No C 157, 15. 6. 1991, p. 7.

(2)

OJ No C 67, 16. 3. 1992.