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( 1 ) OJ NO L 96 , 23 . 4 . 1972 , P . 1 .

( 2 ) OJ NO L 108 , 26 . 4 . 1976 , P . 39 .

( 3 ) OJ NO L 281 , 4 . 11 . 1977 , P . 19 .

COUNCIL DECISION

OF 23 JANUARY 1978

EXTENDING DECISION 76/402/EEC ON THE LEVEL OF THE INTEREST RATE SUBSIDY , PROVIDED FOR IN DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY

( 78/69/EEC )

THE COUNCIL OF THE EUROPEAN

COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ,

HAVING REGARD TO COUNCIL DIRECTIVE 72/159/EEC OF 17 APRIL 1972 ON THE MODERNIZATION OF FARMS ( 1 ), AND IN PARTICULAR THE SECOND SUBPARAGRAPH OF ARTICLE 8 ( 2 ) THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ,

WHEREAS THE ITALIAN GOVERNMENT HAS REQUESTED THE EXTENSION OF COUNCIL DECISION 76/402/EEC OF 6 APRIL 1976 ON THE LEVEL OF THE INTEREST RATE SUBSIDY , PROVIDED FOR BY DIRECTIVE 72/159/EEC ON THE MODERNIZATION OF FARMS , TO BE APPLIED IN ITALY ( 2 ), AS LAST AMENDED BY DECISION 77/681/EEC ( 3 );

WHEREAS THE CURRENT RATE OF INTEREST IN ITALY FOR LONG-TERM AGRICULTURAL LOANS IS 15.45 % , WHICH IS 2 % MORE THAN THE RATE WHICH SERVED AS A BASIS FOR THE ABOVEMENTIONED DECISION ;

WHEREAS APPLICATION OF AN INTEREST RATE OF 15.45 % AND OF INTEREST RATE SUBSIDIES OF 9 , 11 AND 12 % RESPECTIVELY WOULD MEAN THAT THE BENEFICIARY MUST BEAR A RATE OF INTEREST IN EXCESS OF THE MINIMUM PRESCRIBED BY DIRECTIVE 72/159/EEC ,

HAS ADOPTED THIS DECISION :

ARTICLE 1

WITH EFFECT FROM 1 JANUARY 1978 , THE DATE ' 31 DECEMBER 1977 ' IN ARTICLE 4 OF DECISION 76/402/EEC IS HEREBY REPLACED BY ' 31 DECEMBER 1979 ' .

ARTICLE 2

THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .

DONE AT BRUSSELS , 23 JANUARY 1978 .

FOR THE COUNCIL

THE PRESIDENT

P . DALSAGER