No L 382 / 28 Official Journal of the European Communities 31 . 12 . 86
COUNCIL DECISION
of 22 December 1986
amending Decision 71 / 143 / EEC setting up machinery for medium-term financial
assistance
( 86 / 656 / EEC)
1 . Article 1 ( 2 ) shall be replaced by the following :
'2 . This obligation shall apply until 31 December
1988 , unless the definitive phase of the European
Monetary System is set up before this date .'
2 . The Annex shall be replaced by the following :
'ANNEX
The ceilings for credits provided for in Article 1 ( 1 ) of this
Decision shall be as follows :
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,
Having regard to the Treaty establishing the European
Economic Community , and in particular Articles 103 and
108 thereof,
Having regard to the proposal from the Commission ,
presented after consultation of the Monetary Committee ,
Whereas , by its Decision 71 / 143 /EEC ( ! ), as last amended
by the Act ofAccession of Spain and Portugal , the Council set
up machinery for medium-term financial assistance initially
valid for a period of four years from 1 January 1972 ;
Whereas the validity of this machinery has periodically
been extended and was last prolonged by two years until
31 December 1986 , by Decision 84 / 655 / EEC ( 2 );
Whereas it is appropriate for the obligations of the Member
States to continue to apply until the transition to the
definitive phase of the European Monetary System ;
Whereas , by Regulation (EEC) No 1131 / 85 ( 3 ), the ceiling
on outstanding borrowing authorized under the Community
loan mechanism intended for Member States' balance of
payments was raised by 2 000 million ECU ; whereas this
increase should entail an equivalent reduction in the total
commitments laid down under Article 1 ( 1 ) of Decision
71 / 143 / EEC so that the total amount of medium-term
Community loans which may be granted in respect of
Member States' balance of payments support remains
unchanged ,
Member State
million
ECU
% of
total
Belgium 875 6,28
Denmark 407 2,92
Germany 2 715 19,50
Greece 235 1,69
Spain 1 132 8,13
France 2 715 19,50
Ireland 158 1,13
Italy 1 810 13,00
Luxembourg 31 0,22
Netherlands 905 6,50
Portugal 227 1,63
United Kingdom 2 715 19,50
Total EEC 13 925 100,00'
HAS ADOPTED THIS DECISION :
Article 2
This Decision is addressed to the Member States .
Done at Brussels , 22 December 1986 .
For the Council
The President
G. SHAW
Article 1
Decision 71 / 143 / EEC is hereby amended as follows :
(») OJ No L 72 , 27 . 3 . 1971 , p. 15 .
( 2 ) OJ No L 341 , 29 . 12 . 1984 , p . 90 .
( 3 ) OJ No L 118 , 1 . 5 . 1985 , p. 59 .
Full & Egal Universal Law Academy