EUR-Lex - 31977D0361 - EN

ARTICLE 1

THE COMMISSION SHALL BE AUTHORIZED TO CONCLUDE , ON BEHALF OF THE COMMUNITY , THE FOLLOWING LOAN CONTRACT AND TO SUBSCRIBE AND EXECUTE ALL APPROPRIATE DOCUMENTS IN THAT CONNECTION .

FORM OF LOAN :

A PUBLIC ISSUE OF BONDS DENOMINATED IN US DOLLARS UNDERWRITTEN BY A SYNDICATE OF BANKS .

TOTAL AMOUNT AND LIFE :

US DOLLARS 500 MILLION IN TWO TRANCHES , ONE OF DOLLARS 200 MILLION FOR FIVE YEARS , AND THE OTHER OF DOLLARS 300 MILLION FOR SEVEN YEARS .

REDEMPTION :

IN TWO PARTS , ONE AFTER FIVE YEARS , AND THE OTHER AFTER SEVEN YEARS .

PAYMENT OF INTEREST :

ANNUALLY .

JOINT LEAD MANAGERS :

DEUTSCHE BANK AG ;

CREDIT SUISSE WHITE WELD LTD ;

BANQUE DE PARIS ET DES PAYS-BAS .

THE RATE OF INTEREST AND ISSUE PRICE WILL BE FIXED BY AGREEMENT BETWEEN THE COMMISSION , OR SUCH AGENTS AS IT MAY DESIGNATE , AND THE LENDERS AT THE BEST MARKET RATES ON THE DATE OF ISSUE .

ARTICLE 2

THE COMMUNITY SHALL GRANT TO THE ITALIAN REPUBLIC A LOAN CORRESPONDING TO THAT RAISED UNDER THE TERMS OF ARTICLE 1 AND IN THE SAME CURRENCY AND ON THE SAME TERMS AS THE SAID TRANSACTION .

THE AMOUNT OF THE LOAN SHALL BE PAID TO THE BANCA D'ITALIA .

THE COMMISSION SHALL BE AUTHORIZED TO CONCLUDE THE LOAN AGREEMENT ON BEHALF OF THE COMMUNITY .

ARTICLE 3

THE ITALIAN REPUBLIC SHALL BEAR ALL LOSSES OF INTEREST , COMMISSION AND OTHER OUTLAYS WHICH THE COMMUNITY MAY INCUR AS A RESULT OF THE FINANCIAL OPERATIONS INVOLVED IN THE CONDUCT AND ADMINISTRATION OF THE COMMUNITY LOAN AND THE WHOLE OF THE LOSSES , COMMISSION AND OTHER OUTLAYS ARISING FROM THE OPERATION AND MANAGEMENT OF THE LOAN TO ITALY .

ARTICLE 4

THE LOAN TO THE ITALIAN REPUBLIC SHALL BE SUBJECT TO THE ECONOMIC POLICY CONDITIONS LAID DOWN IN DECISION 77/359/EEC .

ARTICLE 5

THE COUNCIL , ACTING ON A PROPOSAL FROM THE COMMISSION , SHALL FIX IN GOOD TIME THE CONDITIONS TO BE OBSERVED FOR THE SUBSEQUENT YEARS OF THE LOAN PERIOD .

ARTICLE 6

THE FINANCIAL OPERATIONS CONCERNING BOTH THE LOAN CONCLUDED BY THE COMMUNITY AND THE LOAN GRANTED TO THE ITALIAN REPUBLIC SHALL BE CARRIED OUT BY THE EUROPEAN MONETARY COOPERATION FUND .

ARTICLE 7

THIS DECISION IS ADDRESSED TO THE MEMBER STATES .

DONE AT BRUSSELS , 17 MAY 1977 .

FOR THE COUNCIL

THE PRESIDENT

J . SILKIN

( 1 ) OJ NO L 46 , 20 . 2 . 1975 , P . 1 .

( 2 ) SEE PAGE 34 OF THIS OFFICIAL JOURNAL .

( 3 ) OJ NO L 77 , 24 . 3 . 1977 , P . 12 .