Decision 1973/391 - 73/391/EEC: Council Decision of 3 December 1973 on consultation and information procedures in matters of credit insurance, credit guarantees and financial credits

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1.

Current status

This decision was in effect from January  1, 1974 until November 17, 2006 and should have been implemented in national regulation on December 17, 1973 at the latest.

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Key information

official title

73/391/EEC: Council Decision of 3 December 1973 on consultation and information procedures in matters of credit insurance, credit guarantees and financial credits
 
Legal instrument Decision
Number legal act Decision 1973/391
CELEX number i 31973D0391

3.

Key dates

Document 03-12-1973; Date of adoption
Publication in Official Journal 17-12-1973; Special edition in Czech: Chapter 11 Volume 012,Special edition in Finnish: Chapter 11 Volume 001,Special edition in Greek: Chapter 11 Volume 006,Special edition in Latvian: Chapter 11 Volume 012,Special edition in Estonian: Chapter 11 Volume 012,Special edition in Slovenian: Chapter 11 Volume 012,Special edition in Polish: Chapter 11 Volume 012,OJ L 346, 17.12.1973,Special edition in Spanish: Chapter 11 Volume 005,Special edition in Lithuanian: Chapter 11 Volume 012,Special edition in Slovak: Chapter 11 Volume 012,Special edition in Portuguese: Chapter 11 Volume 005,Special edition in Hungarian: Chapter 11 Volume 012,Special edition in Swedish: Chapter 11 Volume 001,Special edition in Maltese: Chapter 11 Volume 012
Effect 17-12-1973; Takes effect Date notif.
01-01-1974; Application See Art 1
End of validity 17-11-2006; Repealed by 32006D0789 {repealing.act.provisional.date.notification.disclaimer|http://publications.europa.eu/resource/authority/fd_365/repealing.act.provisional.date.notification.disclaimer}
Notification 17-12-1973; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new}

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Legislative text

Avis juridique important

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5.

31973D0391

73/391/EEC: Council Decision of 3 December 1973 on consultation and information procedures in matters of credit insurance, credit guarantees and financial credits

Official Journal L 346 , 17/12/1973 P. 0001 - 0006

Finnish special edition: Chapter 11 Volume 1 P. 0206

Greek special edition: Chapter 11 Volume 6 P. 0019

Swedish special edition: Chapter 11 Volume 1 P. 0206

Spanish special edition: Chapter 11 Volume 5 P. 0019

Portuguese special edition Chapter 11 Volume 5 P. 0019

COUNCIL DECISION of 3 December 1973 on consultation and information procedures in matters of credit insurance, credit guarantees and financial credits (73/391/EEC)

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Article 113 thereof;

Having regard to the proposal from the Commission;

Whereas, by a Decision of 27 September 1960 (1), the Council set up a Policy Coordination Group for Credit Insurance, Credit Guarantees and Financial Credits;

Whereas, by a Decision of 26 January 1965 (2), the Council set up a consultation procedure in matters of credit insurance, credit guarantees and financial credits;

Whereas it is advisable that, on the basis of the experience acquired in applying this consultation procedure, certain amendments be made thereto,

HAS DECIDED AS FOLLOWS:

Article 1

The provisions of the Annex shall apply as from 1 January 1974.

These provisions shall be substituted for those formerly adopted by the Council as regards the procedure for consultation in matters of credit insurance, credit guarantees and financial credits.

Article 2

This Decision is addressed to the Member States.

Done at Brussels, 3 December 1973.

For the Council

The President

  • I. 
    NØRGAARD (1)OJ No 66, 27.10.1960, p. 1339/60. (2)OJ No 19, 5.2.1965, p. 255/65.

ANNEX CONSULTATION AND INFORMATION PROCEDURES IN MATTERS OF CREDIT INSURANCE, CREDIT GUARANTEES AND FINANCIAL CREDITS

TITLE I GENERAL PROCEDURE

Section I Scope

Article 1

Consultation in accordance with the procedure laid down in Section II shall take place where it is proposed - by the State, any other State organization or any body for credit insurance or finance - to grant or guarantee, fully or partially, foreign credits: - linked to exports of goods or services

  • which depart from the norms listed in Annex I or from any other norm adopted by the Member States.

Article 2

The consultation procedure shall be applicable: - whether it concerns supplier credits or financial credits

  • whether these credits form the subject-matter of individual contracts or global credit arrangements as described in Article 3
  • whether the credits are purely private or are sponsored fully or partially, out of public funds.

Mixed credits combining public and private funds and global private credit arrangements combined with public fund interest subsidies shall for the purpose of this procedure be considered as public credits.

Article 3

  • 1. 
    "Global credit arrangement" shall mean any understanding or statement, in whatever form, whereby the intention to guarantee supplier or financial credits or to open financial credits, up to a specified or ascertainable ceiling, and in respect of a connected series of transactions, is made known to a third country or to exporters or to financial institutions.

The consultation procedure shall be applicable to these global arrangements even where the nature of the transactions has not been specified and no formal commitment has been entered into, without prejudice to the right to decide on each particular contract.

  • 2. 
    If, in the course of a consultation on the granting of a global arrangement - whether public or private in nature - a Member State or the Commission should request oral consultation and if in the course of this oral consultation five Member States...

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