title: Commission recommendation No 971/78/ECSC of 11 May 1978 extending the provisional anti-dumping measures established in relation to imports of steel products originating in Australia

text:
 No L 125/20                        Official Journal of the European Communities                              13 . 5. 78
                            COMMISSION RECOMMENDATION No 971 /78 /ECSC
                                                    of 11 May 1978
              extending the provisonal anti-dumping measures established in relation to
                                imports of steel products originating in Australia
 THE COMMISSION OF THE EUROPEAN                               HAS ADOPTED THIS RECOMMENDATION :
 COMMUNITIES,
                                                                                Article 1
 Having regard to the Treaty establishing the European        The provisional anti-dumping measures established by
 Coal and Steel Community, and in particular Article          recommendation No 307/78/ECSC, in relation to
 74 thereof,
                                                              imports of steel products originating in Australia are
 Having regard to Commission recommendation                   hereby extended for a period not exceeding three
 77/329/ECSC of 15 April 1977 on protection against           months from the dates of their expiration.
 dumping or the granting of bounties or subsidies by
 countries which are not members of the European                                      Article 2
 Coal and Steel Community (!), as amended by recom           Without prejudice to the provisions of Article 1 above,
 mendation No 3004/77/ECSC (2), and in particular             the amount secured by way of provisional anti
 Articles 16 and 19 thereof,
                                                              dumping duties shall be reduced to the extent that the
 Having heard the opinions expressed within the Advi         importer establishes to the satisfaction of the compe
 sory Committee provided for by recommendation                tent national authorities that is is due to a diminution
 77/329 / ECSC,                                               in value resulting from the quality of the goods being
                                                              inferior to the lowest quality described in the last
 Whereas the Commission has established, by recom            publication of basic prices by the Commission.
 mendation No 307/78/ECSC (3), provisional anti
 dumping duties in relation to imports of steel                                       Article 3
 products originating in Australia ;
                                                              This recommendation is addressed to the Member
 Whereas the examination of this matter has not yet           States. It shall enter into force in respect of each
 been completed and exporters and importers known             Member State from the date of its publication in the
 to be concerned have requested that the duty be              Official Journal of the European Communities.
 extended for a period not exceeding three months ;
 Whereas, therefore, it is appropriate to extend the          Done at Brussels, 11 May 1978 .
 provisional measures ;
                                                                                For the Commission
 Whereas, however, due consideration should be given
 to any diminution of value of the products imported,                                      Richard BURKE
 claimed by the importers and established to the satis
 faction of the competent national authorities,                                     Member of the Commission
(>) OJ No L 114, 5. 5. 1977, p. 6.
(2) OJ No L 352, 31 . 12. 1977, p. 13.
(3) OJ No L 45, 16. 2. 1978, p. 17.


Avis juridique important

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31991H0004

91/4/Euratom: Commission Recommendation of 7 December 1990 on the application of Article 37 of the Euratom Treaty

Official Journal L 006 , 09/01/1991 P. 0016 - 0024

COMMISSION RECOMMENDATION  of 7 December 1990  on the application of Article 37 of the Euratom Treaty  (91/4/Euratom) THE COMMISSION OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Atomic Energy Community, and in particular Articles 37 and 124 thereof,  Having consulted the group of experts appointed in accordance with Article 31 of the Treaty by the Scientific and Technical Committee.  Whereas Article 37 requires that each Member State is to provide the Commission with such general data relating to any plan for the disposal of radioactive waste in whatever form as would make it possible to determine whether the implementation of such  plan is liable to result in the radioactive contamination of the water, soil or airspace of another Member State. The Commission is to deliver its opinion within six months, after consulting the group of experts referred to in Article 31;  Considering the experience acquired in the application of the Commission recommendations of 16 November 1960 (1) and 82/181/Euatom (2) concerning the application of Article 37 of the Treaty;  Whereas the Court of Justice of the European Communities in its judgment in Case 187/87 (3) rules that: 'Article 37 of the Treaty of 25 March 1957 establishing the European Atomic Energy Community must be interpreted as meaning that the Commission of  the European Communities must be provided with general data relating to any plan for the disposal of radioactive waste before such disposal is authorized by the competent authorities of the Member State concerned.'  Whereas in the same judgment the Court stated that: 'Consequently, it must be acknowledged that, ( . . ) where a Member State makes the disposal of radioactive waste subject to authorization, the Commission's opinion must, in order to be rendered fully  effective, be brought to the notice of that State before the issue of any such authorization.'  Whereas to ensure that the basic safety standards for the health protection of the population are uniformly applied and to appraise disposal plans in a consistent manner, it is necessary to specify the information to be supplied;  HEREBY RECOMMENDS:    1. That the 'disposal of radioactive waste' within the meaning of Article 37 of the Treaty should cover any form of disposal, planned or accidental, of radioactive substances from the operations listed in the three categories below.  CATEGORY 1 OPERATIONS  (1) The operation of nuclear reactors  (2) The reprocessing of irradiated nuclear fuel  CATEGORY 2 OPERATIONS  (1) The mining, milling and conversion of uranium and thorium  (2) U 235 enrichment of uranium  (3) The fabrication of nuclear fuel  (4) The processing and storage (4) of radioactive waste arising from category 1 and category 2 operations  (5) The sea dumping of radioactive waste from category 1 and category 2 operations  (6) The land or sea burial of radioactive waste from category 1 and category 2 operations  (7) The storage (5) of irradiated nuclear fuel on sites other than those involving category 1 operations  (8) The dismantling (6) of installations involving category 1 operations  (9) The handling or processing of radioactive substances on an industrial scale.  CATEGORY 3 OPERATIONS  All other operations giving rise to radioactive waste.  2. That 'general data' within the meaning of Article 37 of the Treaty be understood to mean:  - for category 1 operations the information set out in Annexes 1A and 2,  - for category 2 operations other than (5) and (6) the information set out in Annex 1A and for category 2, operations (5) and (6), that set out in Annex 1B,  - for category 3 operations the information set out in paragraph 8 (b).  3. That, for plans involving category 1 and category 2 operations, the relevant parts of the 'general data' listed in Annex 1A or 1B be submitted to the Commission whenever possible one year but not less than six months  - before any authorization for the disposal or radioactive waste is granted by the competent authorities,  or  - before start-up of those category 2 operations for which no disposal authorization is foreseen.  4. That, for plans involving category 1 operations, the preliminary 'general data' listed in Annex 2 be submitted to the Commission before permission for construction is granted by the competent authorities.  5. That, if a Member State considers it appropriate, it may request from the Commission an opinion on any plan for the disposal of radioactive waste on its own territory and not called for by the present recommendation.  6. That, if a plan for the disposal of radioactive waste, on which an opinion has already been given under the terms of Article 37, is modified such that this could cause an appreciable increase of the exposure of the population of another Member State,  the relevant 'general data' be submitted to the Commission whenever possible one year but not less than six months before any new authorization for the disposal of radioactive waste is granted by the competent authorities.  7. That, since submission of a plan for the disposal of radioactive waste is the responsibility of the relevant Member State, that Member State accept responsibility for all information submitted to the Commission in respect of such a plan.  8. That there be communicated to the Commission:  (a) every two years, a statement of the radioactive waste discharges from each installation involving category 1 or category 2 operations;  (b) every five years, an estimate of the total radioactive liquid waste discharges from all category 3 operations into any water medium (e.g. hydrographic basin, sea, etc.). This estimate may be based on the discharge data for individual installations  or on measurements in the receiving water medium;  (c) prior to any dumping of radioactive waste in the sea, a copy of the notification communicated to other international bodies.  9. That the Government concerned informs the Commission of the actions it envisages in response to any recommendation given in an opinion of the Commission on a disposal plan.  10. That Member States communicate to the Commission for information the authorization(s) for radioactive waste disposal.  This recommendation is addressed to the Member States.  It replaces recommendation 82/181/Euratom.    Done at Brussels, 7 December 1990.  For the Commission   Carlo RIPA DI MEANA   Member of the Commission   (1) OJ No 81, 21. 12. 1960, p. 1893/60. (2)  OJ No L 83, 29. 3. 1982, p. 15. (3)  Report of Cases before the Court (1988), p. 5013. (4)  Provided that the operation is not incorporated in a plan submitted under another heading. (5)  Provided that the operation is not incorporated in a plan submitted under another heading. (6)  Stage 2 or 3, as defined by the International Atomic Energy Agency (Safety Series No 52, IAEA, Vienna, 1980).    ANNEX 1A  'GENERAL DATA'applicable to category 1 operations and category 2 operations other than (5) and (6)  INTRODUCTION  General presentation of the plan  1. THE SITE AND ITS SURROUNDINGS  1.1 Geographical and topographical situation of the site with  - a map of the region showing the location of the site.  - the location of the plant in relation to other nuclear installations, existing or planned, on the same or other site(s), discharges from which may have implications for discharges from the plant in question,  - the location of the plant with regard to other Member States giving the distances from frontiers and closest conurbations.  1.2. Geology - Seismology  Brief description of  - the main geological features of the region,  - the degree of seismic activity; probable maximum seismic intensity and designated plant seismic response.  1.3. Hydrology  For a plant situated beside a watercourse  Description of the watercourse with  - a general description of its path (major features, main tributaries, estuary, etc.),  - the average waterflow at the site,  - the maximum and minimum waterflows stating frequency and periods of occurrence.  Where the river flows through the territory of one or more other Member States downstream of the site, corresponding information in respect of the State(s).  For a plan situated on the coast  General description of the coastal area with  - heights of the tides,  - direction and force of currents, both local and regional.  In both cases  - flood-risk and protection of the site,  - water-table level and direction of flow.  1.4 Meterology and climatology  - regional climatology taking account of orographic features (plains, valleys, mountain ranges),  - local climatology with frequency distributions of:  -wind directions and speeds,  - precipitation intensity and duration,  - for each wind sector, atmospheric dispersion conditions and duration of temperature inversions.  1.5. Natural resources  Brief description of  - soil characteristics and ecological features of the region,  - water utilization in the region for drinking, irrigation, etc,  - principal food resources, methods and scale of production; crops, stock breeding, fishing, hunting, for discharges into the sea, data on fishing in territorial and extra-territorial waters,  - foodstuffs distribution system and particularly the export to other Member States of agricultural products, fish or game from the regions concerned.  1.6. Other activities in the vicinity of the site  - industrial or military sites, surface and aerial traffic, bulk transport by pipeline,  - possible influence on the plant; protective measures,  - regulations covering industrial or other development.  1.7. Population  - distribution of the populations of interest in other Member States,  - pattern of daily life and eating habits of these populations;  main features; the data required concern the population distribution (density), noting conurbations and any particular characteristics in so far as these are related to the risk of exposure from discharges through the significant exposure pathways.  2. THE PLANT  2.1. Main features of the plant  Brief description of the plant, giving the type, purpose and main features  - for reactors: main features of the reactor, the reactor building, the auxiliary installations, the fuel storage facilities, safety provisions, etc,  - for other plants or laboratories: main features of processes used; throughput of radioactive and fissile materials, installations which make up the plant, safety provisions, etc.  2.2. Ventilation system  Schematic diagrams and description indicating function in normal operating conditions and in the case of an accident, air flows, relative pressures in the buildings and heights of release; data on filters, their efficiency, methods and frequency of  testing.  2.3. Containments  Bried description and main characteristics; methods and frequency of testing for leaktightness.  2.4. Time scale  - commissioning period and date for routine operation of the plant,  - present stage of licensing procedure.  2.5. Decommissioning and dismantling of the plant  Outline of technical and administrative provisions  3. RELEASE OF AIRBORNE RADIOACTIVE EFFLUENTS IN NORMAL OPERATION  3.1. Authorization procedure in force  - outline of the general procedure involved,  - discharge limits envisaged by the authorities (if not available, maximum discharges foreseen).  3.2. Technical aspects  - origins of these radioactive effluents, their composition and physico-chemical forms,  - purification and holdup of these effluents, methods and paths of release.  3.3. Monitoring of discharges  - sampling, measurement and analysis of discharges,  - principal features of the monitoring equipment,  - alarm levels, intervention actions (manual and automatic).  3.4. Evaluation of transfer to man  3.4.1. models and parameters used to calculate:  - atmospheric dispersion of the effluents,  - ground deposition and resuspension,  - transfer via food chains,  - exposure levels via the significant exposure pathways.  3.4.2. evaluation of concentration and exposure levels associated with discharges cited in 3.1. above:  - in the case of continuous release: average annual concentrations of activity in the atmosphere near the ground and surface contamination levels.  - in the case of intermittent release and planned special release: time integrated concentrations in the atmosphere near the ground and surface contamination levels.  These data are to be provided for the most exposed areas in the vicinity of the plant and for relevant areas in other Member States.  - corresponding exposure levels (1): dose equivalents to those living in the relevant areas of other Member States taking account of all significant exposure pathways.  3.5. Radioactive discharges to atmosphere from those installations cited under 1.1.  Where appropriate, procedures for coordination with discharges from other installations, where there may be an additive effect for the exposure levels.  4. RELEASE OF LIQUID RADIOACTIVE EFFLUENTS IN NORMAL OPERATION  4.1. Authorization procedure in force  - outline of the general procedure involved,  - discharge limits envisaged by the authorities (if not available, maximum discharges foreseen).  4.2. Technical aspects  - origins of these radioactive effluents, their composition and physico-chemical forms,  - treatment of these effluents, storage capacities, methods and paths of release.  4.3. Monitoring of discharges  - sampling, measurement and analysis of discharges,  - principal features of monitoring equipment,  - alarm levels, intervention actions (manual and automatic).  4.4. Evaluation of transfer to man  4.4.1. models and parameters used to calculate:  - aquatic dispersion of the effluents,  - their transfer by sedimentation and ion exchange,  - transfer via food chains,  - exposure levels via the significant exposure pathways.  4.4.2. evaluation of the exposure levels (2) associated with the discharges cited in 4.1 above: dose equivalents to those living in relevant areas of other Member States, taking account of all significant exposure pathways.  4.5. Radioactive discharges into the same receiving waters by other installations  Where appropriate, procedures for coordination with discharges from other installations, where there may be an additive effect for the exposure levels.  5. DISPOSAL OF SOLID RADIOACTIVE WASTE  5.1. Categories of solid radioactive wastes and estimated amounts  5.2. Processing and packaging  5.3. Intermediate storage; storage capacities and conditions, radiological risks to the environment, precautions taken  6. UNPLANNED RELEASES OF RADIOACTIVE EFFLUENTS  6.1. Review of accidents of internal and external origin which could result in unplanned releases of radioactive substances  List of the accidents studied in the safety report.  6.2. Reference accident(s) taken into consideration by the competent national authorities for evaluating possible radiological consequences in the case of unplanned releases  Ouline of the accident(s) considered and justification of its (their) choice.  6.3. Evaluation of the radiological consequences of the reference accident(s)  6.3.1. Entailing releases to atmosphere  - assumptions used to calculate the releases to atmosphere,  - release paths; time pattern of the releases,  - amounts and physico-chemical forms of those radionuclides released which are significant from the point of view of health,  - models and parameters used to calculate for the releases their atmospheric dispersion, ground deposition, resuspension and transfer via food chains and to evaluate the exposure levels via the significant exposure pathways,  - maximum time-integrated concentrations of radioactivity in the atmosphere near the ground and maximum surface contamination levels (in dry and wet weather) for the most exposed areas in the vicinity of the plant and for relevant areas in other Member  States,  - corresponding exposure levels (3): dose equivalent to those living in relevant areas of other Member States taking account of all significant exposure pathways.  6.3.2. Entailing releases into an aquatic environment  - assumptions used to calculate the liquid releases,  - release paths, time pattern of releases,  - amounts and physico-chemical forms of those radionuclides released which are significant from the point of view of health,  - models and parameters used to calculate for the releases their aquatic dispersion, their transfer by sedimentation and ion exchange, their transfer via food chains and to evaluate the exposure levels via the significant exposure pathways,  - corresponding exposure levels (1): dose equivalents to those living in the vicinity of the plant and in relevant areas of other Member States taking account of all significant exposure pathways.  6.4. Emergency plans; agreements with other Member States  Brief description of emergency planning zones, emergency reference levels of dose, bilateral or multilateral agreements on transfrontier communications and mutual assistance, rehearsals, reviewing and updating of emergency plans.  7. ENVIRONMENTAL MONITORING  - external radiation levels,  - radioactivity in air, watrer, soil and the food chains.  With reference to 3.1 and 4.1 above, monitoring programms as approved by the competent national authorities, organization, sample forms and frequency, type of monitoring instruments used in normal and accidental circumstances; where appropriate, any  colllaboration arrangements in this respect with neighbouring Member States.   (1) The values submitted should reflect the fact that the results can represent little more than orders of magnitude to which it would be inappropriate to ascribe a false precision. (2)  The values submitted should reflect that the results can represent little more than orders of magnitude to which it would be inappropriate to ascribe a false precision. (3)  The values submitted should reflect that the results can represent little more than orders of magnitude to which it would be inappropriate to ascribe a false precision.    ANNEX 1B  'GENERAL DATA'applicable to category 2, operations (5) and (6)  (for plans concerning new disposal sites)  1. The site and surroundings  Location, depth, geology, seismology, and  for a sea site: seabed characteristics (including the presence of pipelines and submarine cables) currents and other dispersion mechanisms, relevant biological data, risk of disturbance (e.g. by exploitation of marine resources, by dumping of other  wastes etc.)  for a land site: hydrology, use of land and of ground water, repository design including safety features and capacity, long term control of the site.  2. The wastes  Volumes, radionuclides present, activities, prohibited wastes, conditioning and packaging, assumed leak rates and, where appropriate, heat release rates.  3. Environmental effects  Assessment of the radiological consequences to the environment.  4. Operational procedures  Including measures to be taken in the event of incidents.  5. Monitoring  Radiation monitoring programme(s).    ANNEX 2  PRELIMINARY 'GENERAL DATA'  applicable to category 1 operations  1. The site and its surroundings  - map of the region showing the location of the plant with regard to other nearby nuclear installations and to other Member States,  - main seismic characteristics of the region,  - main characteristics of the waterbodies receiving radioactive effluents,  - main regional and local climatological characteristics,  - industrial or military activities in the vicinity of the plant,  - population distribution in adjacent regions of other Member States concerned.  2. The plant  - brief description of the plant and its main safety features,  - time scale of plant construction.  3. Forecast releases of radioactive effluents  - estimate of annual radioactive discharges and their radiological consequences.  4. Accidental releases of radioactive effluents  - list of accidents considered in the preliminary safety report,  - preliminary evaluation of the radiological consequences of the reference accident(s).


title: Recommendation for a Council opinion in accordance with the third paragraph of Article 5 of Council Regulation (EC) n°1466/97 of 7 July 1997 on the updated Stability programme of France, 2004-2006

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Important legal notice

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52005SC0232

Recommendation for a Council opinion in accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 On the updated convergence programme of Lithuania, 2004-2007  /* SEC/2005/0232 final */

	Brussels, 16.2.2005SEC(2005) 232 finalRecommendation for aCOUNCIL OPINIONin accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 On the updated convergence programme of Lithuania, 2004-2007(presented by the Commission)EXPLANATORY MEMORANDUMCouncil Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies[1] stipulates that non-participating Member States, that is, those which have not adopted the single currency, have to submit convergence programmes to the Council and the Commission. In accordance with Article 9 of this Regulation, the Council has to examine each convergence programme based on assessments prepared by the Commission and the Committee set up by Article 114 of the Treaty (the Economic and Financial Committee). On the basis of a recommendation from the Commission and after consulting the Economic and Financial Committee, the Council is required to deliver an opinion, following its examination of the programme. According to the Regulation, Member States need to submit annual updates of their convergence programmes, which may also be examined by the Council in accordance with these same procedures.The ten countries that joined the EU on 1 May 2004 do not participate in the single currency. They committed themselves to submitting their convergence programmes by 15 May 2004 and a first update thereof towards the end of 2004.The first convergence programme of Lithuania, covering the period 2004-2007, was submitted on 14 May 2004 and assessed by the Council on 5 July 2004. Lithuania submitted an update of its convergence programme on 14 January 2005. The Commission services have carried out a technical evaluation of this update, taking into account the results of the Commission services Autumn 2004 economic forecasts, and having regard to the code of conduct[2], the commonly agreed methodology for the estimation of potential output, the recommendations in the broad economic policy guidelines for the period 2003-2005 and the principles laid down in the Communication from the Commission to the Council and the European Parliament of 27 November 2002 on strengthening the coordination of budgetary policies[3]. This evaluation warrants the following assessment:-  The macroeconomic scenario expects real GDP growth to reach 6.5% in 2004 and 2005 and to decelerate progressively thereafter to 6.0% in 2007. Compared to the May 2004 programme, growth has been revised downwards for the whole programme’s period. Output growth in 2004 is estimated to have been lower than expected by the Commission services autumn 2004 forecast. The growth rates foreseen for 2005 and 2006 are somewhat higher than the Commission services autumn 2004 forecast. For the year 2007, the programme’s estimate of potential output growth is below the Commission services estimate. On the basis of currently available information, the scenario in the programme can be considered as plausible.-  CPI inflation has been revised upwards throughout the programme horizon. It reached 1.2% in 2004 and is expected to be 2.9% in 2005, 2.5% in 2006 and 2.9% in 2007. The Lithuanian litas joined the ERM II in June 2004, with a unilateral commitment to maintaining the currency board regime. The litas has not deviated from its central rate vis-à-vis the euro. Medium-term interest rates have been trending down in 2004, fluctuating within 0.65 percentage points above the euro area level, including periods of significantly lower spreads. Lithuania intends to be ready for the introduction of the euro in early 2007.-  The key objective of the medium-term fiscal strategy defined in the programme is the approximation to a cyclically balanced general government budget. The programme foresees the general government deficit to remain at 2.5% of GDP in 2005 but to decline gradually thereafter, to 1.5% in 2007. The time profile of the primary deficit is very similar, improving gradually from 1.5% of GDP in 2004 to 0.5% in 2007. Consolidation is planned to be achieved mainly by an increase of revenues from a low base and, from 2005, also the expenditure side contributes. Revenues are expected to increase from 33% of GDP in 2004 to 34.5% in 2007, primarily due to higher EU financial transfers, the introduction of new taxes and better tax enforcement. Public expenditure is foreseen to increase by 0.5% of GDP over the same period, primarily owing to a significant increase in capital expenditure related to EU projects and “other” expenditures where the largest part corresponds to transfers to the EU budget and the costs of the pension reform[4]. Such increases will be partly compensated by a decrease in consumption and transfers and interest payments. A significant programme of public investment is being implemented, which lifts public investment from 3.4% of GDP in 2004 to 5% in 2007, resulting in an average public investment ratio over the programme period of about 4.6% of GDP. When compared to the May 2004 programme, the deficit outcome for 2004 is estimated to have been lower than budgeted, thanks to better-than-expected revenues. The targets for 2005-2007 are maintained, despite a considerable downward revision of GDP growth.-  The risks to the budgetary projections in the programme appear broadly balanced. The government has shown a good track in meeting the fiscal targets in recent years. The new growth assumptions are more cautious than those provided in the May programme and downside macro-economic risks seem more limited. The main risk to the fiscal projections stems from the uncertainty about the application of detailed measures envisaged in the programme. In particular, the tax revenue target for 2005 might be difficult to achieve if compensatory measures for the abolition of the road tax were not introduced. The execution of the foreseen use of better-than-projected revenues and unused co-financing funds for deficit reduction would be crucial to limit additional spending at the end of the year, which has been a frequent budgetary practice in the past that prevented a faster fiscal consolidation. Other risks stem from the relatively uncertain costs of the pension reform, the high outstanding contingent liabilities, budget arrears, liabilities related to the savings and real estate restitution obligations and spending related to the decommissioning of the Ignalina nuclear power plant.-  In view of this risk assessment, the budgetary stance in the programme may not provide a sufficient safety margin against breaching the 3% of GDP deficit threshold with normal macroeconomic fluctuations throughout the programme’s period, particularly in 2005, nor to achieve a budgetary position of close-to-balance in the medium term. Against the background of the strong economic performance and the large current account deficit, the budgetary targets do not appear ambitious, also in view of preventing potential risks of overheating.-  The programme projects an initial increase of the debt to GDP ratio in 2004 by 0.8 percentage points, mostly due to the increase of the general government deficit in the same year. The ratio is expected to decrease throughout the remainder of the programme horizon and reach 20.1% in 2007. The government plans to decrease the stock of government-guaranteed loans from 2% of GDP to 1.2% over the medium-term. No guarantees on new loans have been issued since 2003.-  The programme reviews the government’s structural reforms which focus on pension and healthcare, labour market, agriculture and product markets. The pension and healthcare reforms are expected to improve the efficiency of the system and the sustainability of public finances in the long run, but some uncertainty about their medium-term costs remains. Measures are proposed to strike a better balance between capital and labour taxes (decreasing the tax pressure on the latter) and to improve the control and efficiency of expenditure.-  Lithuania appears to be in a relatively favourable position with regard to long-term sustainability of public finances, of which the projected budgetary costs of an ageing population is an important element. The relatively low debt ratio, the pension reform measures enacted, including the introduction of the funded pillars will contribute to limit the budgetary impact of ageing. The strategy outlined in the programme is based on a contained budgetary deficit over the medium term and the long-term impact of the pension reform. Nevertheless, risks related to the costs of the pension reform and to the outstanding contingent liabilities should be monitored. In addition, reform measures in the field of health-care could involve higher expenditures. Lithuania has a relatively low tax ratio: the sustainability gap that arises in the long-run could be addressed by raising it.-  Overall, the economic policies outlined in the update are broadly consistent with the country-specific broad economic policy guidelines in the area of public finances. There are measures to use better-than-projected revenues and savings in budgeted EU co-financing allocations for deficit reduction and limit expenditure overruns. The announced measures are not extended to savings made in items unrelated to EU co-financing.In view of the above assessment it would be appropriate for Lithuania to:i) make further progress towards a close-to-balance budgetary position, particularly in view of its current account deficit and domestic demand pressures, fuelled by strong credit growth,ii) implement strictly the budget for 2005 in order to reduce the risk of breaching the 3% reference value,iii) use better-than-projected or additional revenues and unused expenditure items for deficit reduction.Based on this assessment, the Commission has adopted the attached recommendation for a Council Opinion on the updated convergence programme of Lithuania and is forwarding it to the Council.Recommendation for aCOUNCIL OPINIONin accordance with the third paragraph of Art. 9 of Council Regulation (EC) No 1466/97 of 7 July 1997 On the updated convergence programme of Lithuania, 2004-2007THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community,Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies[5], and in particular Article 9(3) thereof,Having regard to the recommendation of the Commission,After consulting the Economic and Financial Committee,HAS DELIVERED THIS OPINION:On [8 March 2005] the Council examined the updated convergence programme of Lithuania, which covers the period 2004 to 2007. The programme broadly complies with the data requirements of the revised “code of conduct on the content and format of stability and convergence programmes”. Some required data related to external assumptions are not available and also some optional data are not provided, although this does not make more difficult the programme’s evaluation. Accordingly, Lithuania is invited to achieve compliance with the data requirements of the code of conduct.The macro-economic scenario underlying the programme envisages real GDP growth to decelerate from 6.5% in 2004 to 6.2% on average over the rest of the programme period. On the basis of currently available information, this scenario seems to reflect plausible growth assumptions. The programme’s projections for inflation also appear realistic, although the projection for 2006 appears on the low side.The key objective of the medium-term fiscal strategy defined in the programme is the approximation to a cyclically balanced general government budget. The programme foresees the general government deficit to remain at 2.5% of GDP in 2005 and to decline gradually thereafter to 1.5% in 2007. The primary deficit is expected to improve marginally from 1.5% of GDP in 2004 to 1.4% in 2005, decreasing gradually afterwards to 0.5% in 2007. Consolidation is planned to be mainly achieved by an increase in the revenue ratio from a low base, with the expenditure side also contributing from 2005. Revenues are expected to increase from 33% of GDP in 2004 to 34.5% in 2007, after peaking in 2006. Expenditure is foreseen to initially increase from 35.5% of GDP in 2004 to 36.9% in 2005, decreasing gradually to 36% in 2007. A significant programme of public investment is being implemented, which lifts public investment from 3.4% of GDP in 2004 to 5% in 2007, resulting in an average public investment ratio over the programme period of about 4.6% of GDP, against an EU-average of 2.4% of GDP in 2004. When compared to the May 2004 programme, the deficit outcome for 2004 is estimated to have been lower than budgeted. The targets for 2005-2007 are maintained, despite a considerable downward revision of GDP growth.The risks to the budgetary projections in the programme appear broadly balanced. On the one hand, the government has shown a good track record in meeting the fiscal targets in recent years. The new growth assumptions are cautious and downside macro-economic risks seem limited. The main risk to the fiscal projections stems from the uncertainty about the application of budgetary measures announced in the programme. In particular, the tax revenue target for 2005 might be difficult to achieve if compensatory measures for the abolition of the road tax were not introduced. A failure to execute foreseen measures constraining expenditure overruns could threaten the budgetary targets over the programme’s period. Other risks stem from the relatively uncertain costs of the pension reform, the high outstanding contingent liabilities, budget arrears, outstanding liabilities related to the savings and real estate restitution obligations and spending related to the decommissioning of the Ignalina nuclear power plant.In the light of this risk assessment, the budgetary stance in the programme does not seem to provide a sufficient safety margin against breaching the 3% of GDP deficit threshold with normal macroeconomic fluctuations throughout the programme period, particularly in 2005. It is also insufficient to ensure that the Stability and Growth Pact’s medium-term objective of a budgetary position of close to balance is achieved.The debt ratio is estimated to have reached 20.1% of GDP in 2004, well below the 60% of GDP Treaty reference value. The programme projects the debt ratio to remain at the same level in 2007, after peaking at 20.9% in 2005.Lithuania appears to be in a relatively favourable position with regard to long-term sustainability of the public finances, of which the projected budgetary costs of an ageing population is an important element. The relatively low debt ratio, the pension reform measures enacted, including the introduction of the funded pillars will contribute to limit the budgetary impact of ageing. The strategy outlined in the programme is based on a contained budgetary deficit over the medium term and the long-term budgetary impact of the pension reform. Nevertheless, risks related to the costs of the pension reform should be monitored. In addition, reform measures in the field of health-care could involve higher expenditures. However, Lithuania has a relatively low tax ratio: the sustainability gap that arises in the long-run could be addressed by raising it.Overall, the economic policies outlined in the update are broadly consistent with the country-specific broad economic policy guidelines in the area of public finances. There are measures to use better-than-projected revenues and savings in budgeted EU co-financing for deficit reduction and limit expenditure overruns. The announced measures are not extended to savings made in items unrelated to EU co-financing.* * *In view of the above assessment, the Council is of the opinion that Lithuania should:i) make further progress towards a close-to-balance budgetary position, particularly in view of its current account deficit and domestic demand pressures, fuelled by strong credit growth,ii) implement strictly the budget for 2005 in order to reduce the risk of breaching the 3% reference value and,iii) use better-than-projected or additional revenues and unused expenditure items for deficit reduction.Comparison of key macroeconomic and budgetary projections2004 | 2005 | 2006 | 2007 |Real GDP (% change) | CP January 2005 | 6.5 | 6.5 | 6.2 | 6.0 |COM October 2004 | 7.1 | 6.4 | 5.9 | n.a. |CP May 2004 | 7.0 | 7.3 | 6.6 | 6.3 |HICP1 inflation (%) | CP January 2005 | 1.2 | 2.9 | 2.5 | 2.9 |COM October 2004 | 1.2 | 2.9 | 2.8 | n.a. |CP May 2004 | 0.9 | 2.0 | 2.1 | 2.5 |General government balance (% of GDP) | CP January 2005 | -2.5 | -2.5 | -1.8 | -1.5 |COM October 2004 | -2.6 | -2.5 | -1.9 | n.a. |CP May 2004 | -2.7 | -2.5 | -1.8 | -1.5 |Primary balance (% of GDP) | CP January 2005 | -1.5 | -1.4 | -0.8 | -0.5 |COM October 2004 | -1.4 | -1.4 | -0.9 | -0.5 |CP May 2004 | -1.3 | -1.2 | -0.6 | -0.4 |Government gross debt (% of GDP) | CP January 2005 | 20.1 | 20.9 | 20.3 | 20.1 |COM October 2004 | 21.1 | 21.7 | 21.3 | n.a. |CP May 2004 | 22.4 | 22.2 | 21.4 | 21.0 |Note: 1 CPI inflation for convergence programme data. Sources: Convergence programme (CP); Commission services economic forecasts (COM). | [1] OJ L 209, 2.8.1997. All the documents referred to in this text can be found at the following website:http://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htm.[2] Revised Opinion of the Economic and Financial Committee on the content and format of stability and convergence programmes, endorsed by the ECOFIN Council on 10.7.2001.[3] COM(2002) 668, 27.11.2002.[4] A second-pillar pension system was introduced in 2004. Employees participating in the second pillar do not make direct contributions to the second pillar. The state collects all contributions from the employees to the first and second pillars and transfers thereafter to the second pillar the corresponding share (as a capital transfer). Therefore, the costs of the pension reform reflect in the expenditure side in the programme’s government figures.[5] OJ L 209, 2.8.1997, p. 1. The documents referred to in this text can be found at the following website:http://europa.eu.int/comm/economy_finance/about/activities/sgp/main_en.htm.


title: Commission recommendation No 812/78/ECSC of 21 April 1978 extending the provisional anti-dumping measures established in relation to imports of steel products originating in Poland and Spain

text:
 22. 4. 78                            Official Journal of the European Communities                          No L 108/29
                              COMMISSION RECOMMENDATION No 812/78 /ECSC
                                                     of 21 April 1978
              extending the provisional anti-dumping measures established in relation to
                           imports of steel products originating in Poland and Spain
 THE COMMISSION OF THE EUROPEAN                                 HAS ADOPTED THIS RECOMMENDATION :
 COMMUNITIES,
                                                                                Article 1
 Having regard to the Treaty establishing the European
 Coal and Steel Community, and in particular Article            The provisional anti-dumping measures established by
 74 thereof,                                                    recommendation      No   1 18 /78 /ECSC in    relation to
                                                                imports of steel products originating in Poland and
 Having regard to Commission recommendation                     Spain are hereby extended for a period not exceeding
 77/329/ECSC on protection against dumping or the               three months .
 granting of bounties or subsidies by countries which
 are not members of the European Coal and Steel                                         Article 2
 Community ('), as amended by recommendation No
 3004/77/ECSC (2), and in particular Articles 16 and 19         Without prejudice to the provisions of Article 1 above,
 thereof,                                                       the amount secured by way of provisional anti
                                                                dumping duties shall be released to the extent that the
 Having heard the opinions expressed within the Advi           importer establishes to the satisfaction of the compe
 sory Committee provided for by recommendation                  tent national authorities that it is due to a diminution
 77/329 / ECSC,                                                 in value resulting from the quality of the goods being
                                                                inferior to the lowest quality described in the last
 Whereas the Commission has established by recom
                                                                publication of basic prices by the Commission .
 mendation No 1 18/78/ ECSC (3) provisional anti
 dumping duties in relation to imports of steel                                         Article 3
 products originating in Poland and Spain ;
                                                                This recommendation is addressed to the Member
 Whereas the examination of this matter has not yet             States. It shall enter into force in respect of each
 been completed and exporters and importers known               Member State on the date of its publication in the
 to be concerned have requested that the duty be                Official Journal of the European Communities.
 extended for a period not exceeding three months ;
 Whereas therefore it is appropriate to extend the provi       Done at Brussels, 21 April 1978 .
 sional measures ;
                                                                                For the Commission
 Whereas, however, due consideration should be given
 to any diminution of value of the products imported,                                       Antonio GIOLITTI
 claimed by the importers and established to the satis
 faction of the competent national authorities,                                       Member of the Commission
  1 OJ No L 114, 5. 5. 1977, p. 6 .
(2) OJ No L 352, 31 . 12. 1977, p. 13 .
(3) OJ No L 19, 24. 1 . 1978 , p. 3 .


Avis juridique important

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31987H0062

87/62/EEC: Commission Recommendation of 22 December 1986 on monitoring and controlling large exposures of credit institutions

Official Journal L 033 , 04/02/1987 P. 0010 - 0015

*****COMMISSION  RECOMMENDATION  of 22 December 1986  on monitoring and controlling large exposures of credit institutions  (87/62/EEC)  THE COMMISSION OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Community, and in particular Article 155 thereof,  Whereas the introduction of this recommendation is pursuant to the aims set out in the Commission's White Paper 'Completing the Internal Market' (1);  Whereas the Advisory Committee, set up according to Article 11 of Council Directive 77/780/EEC, first Council Directive of 12 December 1977 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (2), assisted the Commission in the preparation of this recommendation concerning the harmonization of provisions for large exposures;  Whereas monitoring and controlling the exposures of a credit institution is an integral part of prudential supervision; whereas, excessive concentration of exposures to a single client or group of connected clients amy result in an unacceptable degree of risk concentration; whereas such a situation may be deemed to be prejudicial to the solvency of a credit institution;  Whereas credit institutions in a common banking market engage in direct competition with each other, prudential supervision requirements throughout the Community should serve to enhance confidence of the public, strengthen and protect the banking system and reduce competitive distortion by introducing the gradual approximation of reporting threshold and exposure limits established and applied by the Member States;  Whereas the system for monitoring and controlling large exposures should, on the one hand, supply the competent authorities with the data required to assess the risks and to encourage diversification and, on the other hand, provide for cooperation in applying the system between competent authorities of the Member States as well as between them and those of third countries;  Whereas common standards for monitoring and controlling exposures of credit institutions will be introduced initially by way of a recommendation; whereas such an instrument has been chosen since it permits existing systems to be adjusted graduallly and new systems to be established without causing dislocation to the banking system of the Community; whereas the implementation of the provisions of this recommendation will facilitate and accelerate the adoption in the near future of a directive on monitoring and controlling large exposures;  Whereas the standards contained in this recommendation would apply to all credit institutions authorized in the Community; whereas there exists in some Member States specific national legislation or administrative provisions which cater for the particular operating requirements of specialized credit institutions; whereas, if such institutions are subject to similar or more restrictive provisions, the application of the abovementioned common standards may be deferred until such time as those spezialized institutions are brought within the scope of this recommendation, providing such deferment does not afford to the institution a competitive advantage;  Whereas, pending implementation of Council Directive 86/635/EEC on annual and consilidated accounts of banks and other financial institutions (1), and pending the harmonization of prudential returns, the accounting technique with regard to the calculation of an exposure is left to the judgment of the Member State;  Whereas an indicative list of the elements that constitute an exposure is provided for in an appendix attached to the text of the recommendation; whereas, pending further coordination, Member States may apply a discretional weighting to the absolute value of an element; whereas Member States are expected to include all new elements which are of a broadly similar nature;  Whereas the group of connected clients is defined on the one hand according to the provisions of Council Directive 83/349/EEC (2), which now applies to banks and other financial institutions, in accordance with the abovementioned Directive 86/635/EEC, and on the other hand in terms of financial or economic interdependency;  Whereas the threshold, exposure limits and the suggested weightings prescribed in this recommendation represent an initial stage in the harmonization process, Member States may apply more stringent requirements;  Whereas the reporting period stipulated in the recommendation requires a credit institution to provide data concerning exposures at least annually; whereas it is suggested that the competent authorities should seek a more frequent reporting in line with normal prudential requirements,  RECOMMENDS THAT THE MEMBER STATES SHOULD:  1. monitor and control the large exposures of credit institutions in accordance with the provisions contained in the attached Annex;  2. inform the Commission within 24 months of the notification of this recommendation of the texts of the main laws, regulations and administrative provisions which have been sdopted with respect to this recommendation and inform the Commission of any further changes in this field.  This recommendation is addressed to the Member States.  Done at Brussels, 22 December 1986.  For the Commission  COCKFIELD  Vice-President  (1) Document COM(85) 310.  (2) OJ No L 322, 17. 12. 1977, p. 30.  (1) OJ No L 372, 31. 12. 1986, p. 1.  (2) OJ No L 193, 18. 7. 1983, p. 1.  ANNEX  THE MONITORING AND CONTROL OF LARGE EXPOSURES OF CREDIT INSTITUTIONS  Article 1  Definitions  For the purpose of this recommendation:  - 'credit institution' is defined in accordance with the first indent of Article 1 of Council Directive 77/780/EEC,  - 'competent authorities' is defined in accordance with the first indent of Article 1 of Council Directive 83/350/EEC (1),  - 'public authorities' is defined in accordance with the first indent of Article 2 of Commission Directive 80/723/EEC (2),  - 'exposure' means any facility granted, whether drawn or undrawn, by a credit institution to a client or group of connected clients, on or off balance sheet, and includes those commitments and contingent items deemed to be relevant by the respective competent authorities when assessing the identifiable risks of that institution. An indicative list of exposures is given in the Appendix to this recommendation,  - 'own funds' is defined in accordance with COM(86)169/2 (3),  - 'group of connected clients' (4) means two or more persons, whether natural or legal, holding exposures from the same credit institution and any of its subsidiaries, whether on a joint or separate basis, but who are mutually associated in that:  (i) one of them holds directly or indirectly power of control over the other as defined in Article 1 of Directive 83/349/EEC, or  (ii) their cumulated exposures represent to the credit institution a single risk in so much as they are so interconnected with the likelihood that if one of them experiences financial problems the other or all of them are likely to encounter repayment difficulties. By way of example of such interconnections the credit institution should take into consideration the following:  - common ownership,  - common directors,  - cross guarantees,  - direct commercial interdependency which cannot be substituted in the short term.  If such interconnections are observed it would be sound practice to assess such commitments as a single risk.  Article 2  Scope  1. Subject to paragraphs 2 and 3, this recommendation shall apply to credit institutions as defined in Article 1.  2. The Member States need not apply this recommendation to:  (a) credit institutions listed in Article 2 (2) of Directive 77/780/EEC as revised by Directive 86/524/EEC (5);  (b) institutions of the same Member State which, as defined in Article 2 (4) (a) of Directive 77/780/EEC, are affiliated to a central body in that Member State. In that case, without prejudice to the application of this recommendation to the central body, the whole - constituted by the central body and its affiliated institutions - must be the subject of consolidated supervision with regard to large exposures.  3. Pending further coordination, Member States may defer from the scope of this recommendation those specialized credit institutions the particular operations of which are governed by specific national legislation or administrative provisions relating, inter alia, to the monitoring and controlling of large exposures. These categories of credit institutions shall be reported to the Commission within six months of the notification of this recommendation.  Article 3  The reporting of large exposures  1. A report of every large exposure, as provided for under paragraph 2 and other exposures provided for under paragraph 3, if applicable, shall be made by the credit institution to the competent authorities at least annually.  2. An exposure of a credit institution to a client or group of connected cleints is considered to be a 'large exposure' when its value has reached or exceeded 15 % of own funds.  3. For those Member States not having a credit information exchange system, and for those Member States having such a system but which does not comply with the requirements in paragraph 4, and regardless of whether large exposures exist in a credit institution, the competent authorities shall require the report, mentioned in paragraph 1, to include a minimum of 10 exposures with the highest percentage value.  4. Reports which a credit institution submits to a credit information exchange system of a Member State may be considered as meeting the requirements detailed in this Article provided that:  (i) the credit information exchange system is operated or monitored by the competent authorities or by any other public authority which reports to the competent authorities;  (ii) the exposures are consolidated either by the credit institution, by the credit information exchange system or by the competent authorities;  (iii) the data submitted to the credit information exchange system shall broadly correspond to the definition of exposure as defined in Article 1, fourth indent.  Article 4  Limits on large exposures  1. Credit institutions may not incur an exposure to a client or group of connected clients when its percentage value exceeds 40 % of own funds.  2. Credit institutions may not incur large exposures which in the aggregate exceed 800 % of own funds.  3. The limits referred to in paragraphs 1 and 2 may be exceeded only in exceptional circumstances and, in such cases, the competent authorities shall require the credit institution either to increase the volume of own funds or to take other remedial measures.  4. The competent authorities may fully or partially exempt from the application of paragraphs 1 and 2 the following clients or group of connected clients:  (i) the public authorities of:  (a) any of the Member States,  (b) those countries on the list of industrialized countries compiled by the IMF for statistical purposes;  (ii) The institutions of the European Communities and international public bodies of which the relevant Member State is a member.  5. The competent authorities may fully or partially exempt from the application of paragraphs 1 and 2:  (a) exposures secured by an explicit irrevocable guarantee or pledge of those organizations mentioned in paragraph 4;  (b) exposures secured by cash deposits or listed securities, provided that the value of the latter is calculated in a prudent manner.  6. The competent authorities may exempt from the application of this recommendation 'interbank' exposures having a maturity of six months or less. Notwithstanding the limits detailed in paragraphs 1 and 2, the competent authorities may consider prescribing higher limits or an alternative wieghting to the remaining 'interbank' exposures and for exposures covered by a guarantee of a credit institution.  Article 5  Third countries  1. The competent authorities of a branch having its head office in a third country may require the branch's exposures to be reported to them in order that it shall be monitored and controlled. The application of this paragraph may be subject to bilateral agreements between the respective competent authorities in order to facilitate the principle of 'home country control'.  2. Member States shall not apply to a branch of a credit institution having its head office in a third country provisions which would place the branch in a more favourable position than a branch of credit institution having its head office within the Community.  3. Application of this recommendation to credit institutions the parent undertakings of which have their head office in third countries and to credit institutions situated in third countries the parent institutions of which have a head office in the Community may be the subject of bilateral agreements, on the basis of reciprocity, between the competent authorities of the Member States and the third country concerned. Such agreements shall seek to ensure that Member States' competent authorities are able to obtain the necessary information to enable the large exposures of a credit institution within the Community, with participations outside the Community, to be monitored and controlled and that the competent authorities in a third country are able to obtain the necessary information to enable parent companies having head offices within their territory, which have participations in credit institutions situated in one or more Member States, to be supervised. 4. Prior to entering into negotiations in connection with agreements with third countries the Member States shall inform the Commission and the Advisory Committee set up under Article 11 of Directive 77/780/EEC. The Commission shall undertake the coordination of the policy objectives pursued in such negotiations for which purpose it may seize the Advisory Committee.  Article 6  Consolidation  1. The exposures of a credit institution which has a participation, as defined in Article 1, indent 3, of Directive 83/350/EEC, in another credit institution or financial institution shall be monitored and controlled on a consolidated basis to the extent and in manner according to the requirements prescribed by the Member State in applying Directive 83/350/EEC.  2. In addition to the requirements of paragraph 1, the competent authorities of a Member State may also monitor and control the exposures of individual credit institutions on a partially consolidated or non-consolidated basis.  Article 7  Facilitating measures  1. Member States shall ensure that there are no legal impediments preventing any credit or financial institution from supplying to a credit institution which has a participation in it information which is necessary for monitoring and controlling large exposures in accordance with this recommendation.  2. Member States shall permit the exchange between their competent authorities of the information necessary for monitoring and controlling the large exposures to be effected in accordance with this recommendation, it being understood that, in the case of financial institutions, the collection or possession of information shall not in any way imply that a supervisory function is being exercised over those financial institutions by the competent authorities.  3. Any exchange of information between competent authorities which is provided for in this recommendation shall be subject to the obligation of professional secrecy as set out in Article 12 of Directive 77/780/EEC; any such information shall be used exclusively for the purposes of monitoring and controlling the solvency of the relevant credit institution.  4. If, in applying this recommendation to a credit institution, the competent authorities of one Member State wish in specific cases to verify the information concerning a credit or financial institution in another Member State, they must ask the competent authorities of that other Member State for this verification to be carried out. The authorities which have received the request must, within the framework of their competence, act upon it either by carrying out the verification themselves, or by allowing the authorities which made the request to carry it out, or by allowing an auditor or expert to carry it out.  Article 8  Transitional provisions relating to exposures in excess of the limits  1. Where, at the time of entry into effect of the measures taken in applying this recommendation, a credit institution has already incurred an exposure or exposures exceeding either the large exposure limit or the aggregate large exposure limit, as referred to in Article 4, the competent authorities shall take steps to bring into line the exposure or exposures of the credit institutions concerned in accordance with the provisions of this recommendation.  2. The process to bring into line the exposure or exposures should be drawn up, adopted, implemented and completed within the time the competent authorities deem it prudentially sound and competitively fair. The competent authorities shall inform the Commission of the time schedule of the general implementation process adopted.  (1) OJ No L 193, 18. 7. 1983, p. 18.  (2) OJ No L 195, 29. 7. 1980, p. 35.  (3) OJ No C 243, 27. 9. 1986, p. 4.  (4) Although in the context of assessing exposure risk it is extremely difficult to provide an unambiguous, succinct and legally waterlight definition of what constitues a group of connected clients, it is absolutely necessary, nevertheless, for the management of a credit insitution to determine whether a situation of financial, legal or economic interdependency exists between any of its customers.  (5) OJ No L 309, 4. 11. 1986, p. 15.  Appendix  DEFINITION OF THE TERM 'EXPOSURE'  Supplementary information  The items detailed below are an indicative list of elements which a Member State may consider including within the term 'exposure'. Pending further coordination, the Member States have discretion to fix the weighted value of the elements listed below; however, the Commission recommends that those elements contained in sections A and B (i) be weighted at 100 %. Since the list is indicative, and therefore it is not considered comprehensive, the Commission would expect Member States to include in the term 'exposure' any elements which are of broadly similar character.  A. On-balance-sheet items:  - Loans and advances, including overdrafts,  - Bill and promissory notes,  - Leases,  - Shares and other securities,  - Loan stocks,  - Certificates of deposits.  B. Off-balance-sheet items:  (i) Guarantees and similar contingent liabilities:  - Acceptances,  - Endorsements on bills which do not carry the name of another credit institution,  - Guarantees which take the form of credit substitutes,  - Documentary credits, issued and confirmed,  - Transactions with recourse,  - Warrantees and indemnities, including tender and performance bonds and customs and tax bonds,  - Irrevocable standby letters of credit;  (ii) Commitments:  - Asset sale and repurchase agreements,  - Assets purchased under outright forward purchase agreements,  - Unpaid portion of partly-paid shares and securities,  - Standby facilities, such as irrevocable revolving lines of credit,  - Underwriting, including note issuance facilities and revolving underwriting facilities,  - Irrevocable undrawn overdraft facilities, commitments to lend, purchase securities or provide guarantees or acceptance facilities.


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31990H0125

COUNCIL  RECOMMENDATION  of 12 March 1990  concerning the discharge to be given to the Commission in respect of the implementation of the operations of the European Development Fund (1979) (Fifth EDF) for the financial year 1988 (90/125/EEC)

Official Journal L 073 , 20/03/1990 P. 0030 - 0030

*****COUNCIL  RECOMMENDATION  of 12 March 1990  concerning the discharge to be given to the Commission in respect of the implementation of the operations of the European Development Fund (1979) (Fifth EDF) for the financial year 1988  (90/125/EEC)  THE COUNCIL OF THE EUROPEAN COMMUNITIES,  Having regard to the Treaty establishing the European Economic Community, and in particular Article 206b thereof,  Having regard to the Second ACP-EEC Convention, signed at Lomé on 31 October 1979,  Having regard to Council Decision 80/1186/EEC of 16 December 1980 on the association of the overseas countries and territories with the European Economic Community (1),  Having regard to the 1979 Internal Agreement on the financing and administration of Community aid (2), signed on 20 November 1979, and in particular Article 29 (3) thereof,  Having regard to the Financial Regulation of 17 March 1981 applicable to the Fifth European Development Fund (1), and in particular Articles 66 to 70 thereof,  Having examined the revenue and expenditure account and the balance sheet relating to the operations of the European Development Fund (1979) (Fifth EDF) as at 31 December 1988 and the Court of Auditors' report relating to the financial year 1988 together with the Commission's replies (2),  Whereas, pursuant to Article 29 (3) of the Internal Agreement, the discharge for the management of the European Development Fund (1979) (Fifth EDF) must be given to the Commission by the European Parliament on a recommendation from the Council;  Whereas the overall implementation by the Commission of the operations of the European Development Fund (1979) (Fifth EDF) during the financial year 1988 has been satisfactory,  HEREBY RECOMMENDS,  that the European Parliament give the Commission a discharge in respect of the implementation of the operations of the European Development Fund (1979) (Fifth EDF) for the financial year 1988.  Done at Brussels, 12 March 1990.  For the Council  The President  A. REYNOLDS  (1) OJ No L 361, 31. 12. 1980, p. 1.  (2) OJ No L 347, 22. 12. 1980, p. 210.  (3) OJ No L 101, 11. 4. 1981, p. 12.  (4) OJ No C 312, 12. 12. 1989, pp. 181 and 335.


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32001H1214(01)

Council Recommendation of 6 December 2001 setting a common scale for assessing threats to public figures visiting the European Union

Official Journal C 356 , 14/12/2001 P. 0001 - 0002

Council Recommendationof 6 December 2001setting a common scale for assessing threats to public figures visiting the European Union(2001/C 356/01)THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty on European Union,Having regard to the need to improve cooperation between Member States in the field of the prevention of terrorism,Having regard to the proliferation of movements of official public figures from the Member States or from non-Union States within the territory of the Union,Whereas these events lead to the putting in place of static and dynamic protective measures which must be equal to the task of providing a reasonable, serious assessment of the likely terrorist threat to these public figures;Whereas the exchange of information between the Member States' police and security services on the assessment of the level of such threat by the services responsible for that task should be facilitated;Whereas the assessment applies to the country visited, it being understood that the assessment of the country of residence of official public figures will be taken into account,HEREBY RECOMMENDS that the Member States:1. step up the volume and quality of the exchange of information of the assessment of the terrorist threat to official public figures visiting the countries of the Union, without creating new institutional structures and in the framework of the relevant national legislation. This consultation may, at the request of a Member State, take place particularly during the period preceding such visits;2. duly designate (a) competent service(s) to assess this threat and to forward information in this context. This list will be drawn up and subsequently updated by the Presidency-in-office and forwarded to the Member States;3. adopt the simple, practical evaluation scale set out in the Annex hereto, based on figures and/or letters which will permit swift exchanges between national contact points. This scale will measure the terrorist threat in so far as it can be analysed rationally, and not the policing measures or arrangements put in place, the choice of which is the responsibility of each State. It will be used in consultations between States, although its use in the internal activities of the countries' services will not be obligatory;4. ensure the confidentiality of information forwarded in the context of this Recommendation, with particular regard to non-Union States whose official public figures are the subject of an assessment. This information, which will be used solely for the purpose of the prevention of terrorism, must not be communicated to third countries or utilised in judicial proceedings without the agreement of the issuing State;5. use the network of liaison offices to forward information and ensure that requests and replies are forwarded rapidly to the competent service(s);6. participate in assessment exchanges in so far as such participation does not seriously harm national interests;7. examine the results of this cooperation within three years of its full introduction;8. associate Europol with this cooperation in so far as the latter may fall within Europol's mandate.Done at Brussels, 6 December 2001.For the CouncilThe PresidentM. VerwilghenANNEXEVALUATION SCALE1. IMMEDIATESpecific intelligence showing that an attack on the specified VIP is imminent.2. HIGHSpecific intelligence, or recent terrorist activity indicating that the VIP could be the high priority target of a terrorist group.3. SIGNIFICANTRecent general intelligence, the political or security context of which indicates that the VIP could be a priority target for a terrorist group.4. MODERATENo specific or general intelligence of a particular threat, but there is a potential threat in view of the factors linked to the VIP or to the country he/she represents.5. LOWNo elements giving reasonable cause to foresee a terrorist act.The letter "Z" (Zulu) could be used to flag the existence of a real threat of non-life-threatening hostile acts towards the VIP (throwing objects, jostling, etc.)


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		52014DC0419

			Recommendation for a COUNCIL RECOMMENDATION on Malta’s 2014 national reform programme and delivering a Council opinion on Malta’s 2014 stability programme /* COM/2014/0419 final  - 2014/ () */

Recommendation for a
COUNCIL RECOMMENDATION
on Malta’s 2014 national reform programme
and delivering a Council opinion on Malta’s 2014 stability programme

THE COUNCIL OF
THE EUROPEAN UNION,
Having regard to the
Treaty on the Functioning of the European Union, and in particular Articles
121(2) and 148(4) thereof,
Having regard to
Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the
surveillance of budgetary positions and the surveillance and coordination of
economic policies[1],
and in particular Article 5(2) thereof,
Having regard to the
recommendation of the European Commission[2],
Having regard to the
resolutions of the European Parliament[3],
Having regard to the
conclusions of the European Council,
Having regard to the
opinion of the Employment Committee,
Having regard to the
opinion of the Economic and Financial Committee,
Having regard to the opinion of the Social
Protection Committee,
Having regard to the opinion of the
Economic Policy Committee,
Whereas:
(1)
On 26 March 2010, the
European Council agreed to the Commission’s proposal to launch a new strategy
for growth and jobs, Europe 2020, based on enhanced coordination of economic
policies, which will focus on the key areas where action is needed to boost
Europe’s potential for sustainable growth and competitiveness.
(2)
On 13 July 2010, the
Council, on the basis of the Commission's proposals, adopted a recommendation
on the broad guidelines for the economic policies of the Member States and the
Union (2010 to 2014) and, on 21 October 2010, adopted a decision on guidelines
for the employment policies of the Member States, which together form the
‘integrated guidelines’. Member States were invited to take the integrated
guidelines into account in their national economic and employment policies.
(3)
On 29 June 2012, the Heads
of State or Government decided on a Compact for Growth and Jobs, providing a
coherent framework for action at national, EU and euro area levels using all
possible levers, instruments and policies. They decided on action to be taken
at the level of the Member States, in particular expressing full commitment to
achieving the objectives of the Europe 2020 Strategy and to implementing the
country-specific recommendations.
(4)
On 9 July 2013, the Council
adopted a recommendation on Malta’s national reform programme for 2013 and
delivered its opinion on Malta’s updated stability programme for 2012-2016. On
15 November 2013, in line with Regulation
(EU) No 473/2013[4],
the Commission presented its
opinion on Malta's draft budgetary for 2014[5].
(5)
On 13 November 2013, the
Commission adopted the Annual Growth Survey[6], marking the start of the 2014
European Semester of economic policy coordination. On the same day on the basis
of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism
Report[7],
in which it identified Malta as one of the Member States for which an in-depth
review would be carried out.
(6)
On 20 December 2013, the
European Council endorsed the priorities for ensuring financial stability,
fiscal consolidation and action to foster growth. It underscored the need to
pursue differentiated, growth-friendly fiscal consolidation, to restore normal
lending conditions to the economy, to promote growth and competitiveness, to
tackle unemployment and the social consequences of the crisis, and to modernise
public administration.
(7)
On 5 March 2014, the
Commission published the results of its in-depth review for Malta[8], under
Article 5 of Regulation (EU) No 1176/2011. The Commission's analysis leads it
to conclude that Malta is no longer experiencing macroeconomic imbalances in
the sense of the Macroeconomic Imbalance Procedure. Although indebtedness
remains high, risks to the sustainability of private and public sector debt and
the stability of the financial sector appear contained, even if they deserve
continued monitoring. In particular, financial stability indicators remain
sound. Still, in light of the structural nature of the risks in the sector, a
continuation of the current prudent supervisory and risk-taking practices is key.
The housing market has stabilised and thus risks arising from over-exposure to
property are limited. Private debt is on the decrease; the corporate
deleveraging is taking place in an orderly manner and credit market pressures
are limited.
(8)
On 16 April 2014, Malta
submitted its 2014 national reform programme which was updated on 8 May 2014
and on 30 April 2014 its 2014 stability programme. In order to take account of
their interlinkages, the two programmes have been assessed at the same time.
(9)
The objective of the
budgetary strategy outlined in the 2014 Stability Programme is to correct the
excessive deficit in a sustainable manner by 2014 and to gradually progress
toward the medium-term objective of a balanced budgetary position in structural
terms, which is more stringent than what the Stability and Growth Pact
requires. However, the achievement of the medium-term objective is not planned
within the programme period. In 2014, the planned (recalculated) structural
adjustment is narrowly missing the recommended effort. After the planned
correction of the excessive deficit, a small deviation from the adjustment path
towards the medium-term objective is planned in 2015. Thereafter, the planned
annual progress towards the medium-term objective is broadly in line with the
requirement of at least 0.5% of GDP. The programme projects that the government
debt, at 73% of GDP in 2013, will be put on a downward path, compliant with the
debt reduction benchmark, as from 2014. Overall, the programme objectives are
largely in line with the requirements of the Stability and Growth Pact. The
macroeconomic scenario underpinning the budgetary projections in the programme,
which has been endorsed by an independent body (the National Audit Office), is
plausible for 2014 and 2015 since the economic growth projections are
marginally lower than those in the Commission 2014 Spring forecast for these
years. However, risks to the budgetary targets are tilted to the down-side, as
the structural revenue increase planned over the programme period is not fully
underpinned by measures and expenditure overruns could require higher than
budgeted disbursements. According to the Commission forecast, Malta is expected
to sustainably correct its excessive deficit in 2014. At the same time, based
on the Commission forecast, the fiscal effort over the period 2013-2014 falls
short by 1.6% of GDP in terms of (corrected) change in the structural balance
and by 1.25% of GDP in terms of the amount of required measures estimated as
necessary at the time of the Excessive Deficit Procedure recommendation. While
there is no margin with respect to the compliance with the debt reduction
benchmark in 2014, risks to the debt scenario are tilted to the positive side. In
2015, there is a risk of significant deviation from the required progress
towards the medium-term objective. Based on its assessment of the programme and
the Commission forecast, pursuant to Council Regulation (EC) No 1466/97, the
Council is of the opinion that, while Malta’s planned headline deficit and general
government debt comply with the Excessive Deficit Procedure recommendation,
additional efforts are needed to bring the structural adjustment in line with
the recommended one in 2014 and to ensure an appropriate path towards the
medium-term objective as of 2015.
(10)
The non-binding nature of
Malta's fiscal framework and the short horizon of fiscal planning are not
supportive of a sound fiscal position. The adoption of the legislation meant to
come into force by the end of 2013 and aimed at fulfilling the requirements of
the Directive 85/2011/EU on budgetary frameworks and the Fiscal Compact has
been delayed. However, according to the Stability Programme the Maltese
government has recently endorsed a Fiscal Responsibility Act, which will be
submitted for the parliament's approval. The draft act foresees the
introduction of a balanced-budget rule in structural terms, a debt rule, a
three-year rolling budgetary framework and a gradual set up of the fiscal
council which would be charged with endorsing of the government's official
macroeconomic and fiscal forecasts as well as ex-ante and ex-post monitoring of
the respect of fiscal rules.
(11)
Malta's revenue departments
are due to be merged into a single authority, which would streamline tax
collection processes and counter tax evasion. In order to improve tax
compliance and encourage the recovery of amounts due, the penalties in VAT
legislation and the interest on taxes due have been revised. Various other
measures have been introduced that are also expected to consolidate Malta's tax
system. These measures go in the right direction, but their impact has yet to
become apparent.
(12)
Despite still facing
challenges regarding the sustainability of Malta's public finances, little
progress can be registered as yet on its pensions system reforms and the
sustainability of its healthcare services. While a Pensions Strategy Group has
been set up to assess all options for reforming the pension system, the Maltese
authorities have given a commitment not to raise the statutory retirement age
beyond the increases outlined in the 2006 pension reform. The statutory
retirement age therefore remains disconnected from life expectancy, which poses
a problem for the long-term sustainability and adequacy of pensions. While
Malta intends to address these shortcomings with labour market measures and
notably its recently adopted active ageing strategy, it is unlikely that this solves
the problem. The sustainability of the healthcare system adds to the challenge
in view of a projected increase in age-related expenditure. A draft national
health systems strategy has just been launched, but it is unclear how this will
be implemented and what gains it will bring in terms of cost-effectiveness and sustainability.
There is a need to strengthen public primary care.
(13)
Malta's early school leaving
rate is still very high, but measures are being taken to reduce it and a
comprehensive monitoring system is being set up. Basic skill attainment remains
low, however, thereby contributing to low literacy and early school leaving. Proper
implementation of the recently adopted National Literacy Strategy is expected
to support efforts addressing this shortcoming. This is to be complemented by
further measures, which are expected to increase the labour-market relevance of
training and education. These include the reform of the apprenticeship
framework, establishing a lifelong learning strategy, the introduction of
work-based learning in vocational educational and training, and a specific
programme financed through the European Social Fund.
(14)
Malta is currently
implementing a number of significant measures that seek to increase the
participation of women in the labour market, notably through the provision of
free child care services to
households in which parents are in employment or pursuing further education.
Effective implementation will be crucial. The authorities are also helping to provide
after-school care and offering opportunities to send children to school before
the stipulated opening hours, so that parenthood can be better reconciled with
working life. Tax incentives are also envisaged to encourage parents to send
children to childcare facilities already running under previous schemes. Little
is being done, however, to provide and promote the use of flexible working
arrangements, such as teleworking and flexitime, which would help the
reintegration of women into the labour market.
(15)
In order to further improve
its international competitiveness, in addition to avoiding the potentially
negative impact of a misalignment between wage and productivity developments, Malta
still needs to address infrastructure shortcomings in the energy and transport
sectors that dampen its potential, notably in view of elevated energy costs.
The electricity interconnector with Italy is due to be completed this year, which
will enhance security of supply and may contribute to the diversification of
supply and the use of externally generated renewable energy. The planned
link-up with the European gas network will also add to Malta's energy mix,
making it less reliant on one main source of energy and thereby increasing its
attractiveness as a place for business. Home-grown renewable energy sources,
with the exception of some success as regards the use of photovoltaic energy, represent
a potential that remains to be tapped.
(16)
Certain public
administration inefficiencies are limiting the further development of the
business climate in Malta. While improvements in public procurement go in the
right direction, procurement procedures remain excessively long, resulting in inefficient
public expenditure. These measures are not accompanied by targets making an
assessment of their effectiveness difficult. The lack of alternatives to debt
financing leads to a high cost of funding for companies, which puts pressure on
their economic activity. This corporate debt bias may also lead to excessively
high corporate leverage and insufficient allocation of capital. Further
opportunities for non-debt financing therefore need to be pursued. The
inefficiencies in the judicial system highlighted in the 2013 country-specific
recommendations for Malta remain. While it is expected that a number of the
numerous reform proposals delivered by the Commission for the Reform of Justice
in November 2013 will be implemented by the end of 2014, a clear timeline and
prioritisation of measures still needs to be announced. It also remains to be
seen how these will address backlog, in particular as regards the shortcomings
identified above.
(17)
Malta has strengthened
regulatory oversight to ensure the stability of the financial sector.
Macro-prudential supervision has been added to the functions of the Central
Bank of Malta, and special emphasis is being placed on financial stability
issues, while the Joint Financial Stability Board is now enshrined in
legislation. Satisfactory measures have been taken to improve loan-loss
provisioning, mainly through the introduction of a revision of Banking Rule 9.
(18)
In the context of the
European Semester, the Commission has carried out a comprehensive analysis of
Malta’s economic policy. It has assessed the stability programme and the
national reform programme. It has taken into account not only their relevance
for sustainable fiscal and socio-economic policy in Malta but also their
compliance with EU rules and guidance, given the need to reinforce the overall
economic governance of the European Union by providing EU-level input into
future national decisions. Its recommendations under the
European Semester are reflected in recommendations (1) to (5) below.
(19)
In the light of this
assessment, the Council has examined Malta's stability programme, and its
opinion[9] is reflected in particular in recommendation
(1) below.
(20)
In the context of the
European Semester the Commission has also carried out an analysis of the economic
policy of the euro area as a whole. On the basis of this analysis the Council
has issued specific recommendations for the Member States whose currency is the
euro. Malta should also ensure the full and timely implementation of these
recommendations.
HEREBY
RECOMMENDS that Malta take action within the period 2014-2015 to:
1.
Correct the excessive
deficit in a sustainable manner by 2014. In 2015, significantly strengthen the
budgetary strategy to ensure the required structural adjustment of 0.6% of GDP
towards the medium-term objective. Thereafter, pursue a structural adjustment
of at least 0.5% of GDP each year, and more in good economic conditions or if
needed to ensure that the debt rule is met in order to keep the general
government debt ratio on a sustained downward path. Finalise the adoption of
the Fiscal Responsibility Act with a view to putting in place a binding,
rule-based multiannual fiscal framework and establishing an independent
institution charged with monitoring of fiscal rules and endorsing macroeconomic
forecasts underpinning fiscal planning. Continue improving tax compliance and
fighting tax evasion by ensuring the continued roll-out and evaluation of
measures taken so far, while taking additional action, notably by promoting the
use of electronic means of payment.
2.
Step up the ongoing pension
reform, notably by significantly accelerating the planned increase in the
statutory retirement age and by consecutively linking it to changes in life
expectancy. Ensure that a comprehensive reform of the public health system
delivers a cost-effective and sustainable use of available resources, such as
strengthening primary care.
3.
Continue policy efforts to
address the labour-market relevance of education and training and improve basic
skills attainment by stepping up efforts on the overdue reform of the
apprenticeship system. Further reduce early school leaving, notably by
finalising and implementing the announced national literacy strategy. Further
improve the labour-market participation of women, notably those wishing to re-enter
the labour market by promoting flexible working arrangements.
4.
Diversify the energy mix in
the economy, including by increasing the share of energy produced from
renewable sources.
5.
Continue efforts to increase
the efficiency and reduce the length of public procurement procedures; encourage
alternatives to debt-financing of companies through facilitating access to capital
markets and developing venture capital funds; and increase the efficiency of
the judicial system by ensuring a timely and efficient implementation of the
planned judicial reform.
Done at Brussels,
                                                                       For
the Council
                                                                       The
President
[1]               OJ L 209, 2.8.1997, p. 1.
[2]               COM(2014) 419 final.
[3]               P7_TA(2014)0128 and P7_TA(2014)0129.
[4]               OJ L 140, 27.5.2013, p.11.
[5]               C(2013) 8007 final
[6]               COM(2013) 800 final
[7]               COM(2013) 790 final
[8]               SWD(2014) 150 final
[9]               Under Article 5(2) of Council Regulation (EC) No
1466/97.