EUR-Lex - 31976D0323 - EN

ARTICLE 1

THE LOAN GRANTED TO IRELAND BY DECISION 76/322/EEC SHALL BE SUBJECT TO THE FOLLOWING CONDITIONS RELATING TO THE ECONOMIC POLICY MEASURES TO BE TAKEN BY THAT MEMBER STATE :

( A ) GROWTH IN THE CENTRAL GOVERNMENT BORROWING REQUIREMENT , EXPRESSED AS A PERCENTAGE OF GROSS NATIONAL PRODUCT , SHOULD BE HALTED IN 1976 AND SHOULD BE REDUCED IN SUBSEQUENT YEARS :

( B ) EVERY EFFORT SHALL BE MADE TO FINANCE THE LARGEST POSSIBLE PROPORTION OF PUBLIC SECTOR BORROWING REQUIREMENTS BY NON - MONETARY MEANS , SUCH AS BY PLACING LONG - TERM SECURITIES DIRECTLY WITH THE PUBLIC ;

( C ) THE IRISH AUTHORITIES SHALL EXERCISE THE UTMOST CAUTION TO AVOID ANY RELAXATION OF ITS MONETARY POLICY FOR THE PURPOSE OF MEETING BOTH THE BORROWING REQUIREMENT OF THE EXCHEQUER AND THE DEMAND FOR CREDIT IN THE PRIVATE SECTOR , WERE THE LATTER TO EXPAND MORE RAPIDLY THAN AT PRESENT FORESEEN .

ARTICLE 2

THIS DECISION IS ADDRESSED TO IRELAND .

DONE AT BRUSSELS , 15 MARCH 1976 .

FOR THE COUNCIL

THE PRESIDENT

R . VOUEL