24, 12. 97 Official Journal of the European Communities L 353/7 COUNCIL REGULATION (EC) No 2615/97 of 18 December 1997 on the conclusion of the Protocol establishing the fishing possibilities and the financial compensation provided for in the Agreement between the European Economic Community and the Government of the Republic of Guinea-Bissau on fishing off the coast of Guinea-Bissau for the period 16 June 1997 to 15 June THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 43, in conjunction with the first sentence of Article 228 (2) and the first subparagraph of Article 228 (3), Having regard to the proposal from the Commission, Having regard to the opinion of the European Par- liament ('), . Whereas, pursuant to the Agreement between the Euro- pean Economic Community and the Government of the Republic of Guinea-Bissau on fishing off the coast of Guinea-Bissau (3, the two Parties have conducted negotia- tions to determine any amendments and additions to be made to that Agreement at the end of the period of ap- plication of the Protocol annexed thereto; Whereas, as a result of those negotiations, a new Protocol establishing the fishing possibilities and the financial compensation provided for in the abovementioned Agree- ment for the period 16 June 1997 to 15 June 2001 was initialled on 4 June 1997; Whereas it is in the Community’s interest to approve that Protocol; Whereas the allocation of fishing possibilities among the Member States should be determined on the basis of the traditional allocation of fishing possibilities under the fisheries agreement, HAS ADOPTED THIS REGULATION: Article 1 The Protoco! establishing the fishing possibilities and the financial compensation provided for in the Agreement between the European Economic Community and the Government of the Republic of Guinea-Bissau on fishing off the coast of Guinea-Bissau for the period 16 June 1997 to 15 June 2001 is hereby approved on behalf of the Community. The text of the Protocol is attached to this Regulation (?). Article 2 The fishing possibilities provided for in the Protocol shall be allocated among the Member States as follows: (a) shrimps Italy: 4000 GRT Portugal: 3200 GRT Spain: 2400 GRT (b) cephalopods/fin-fish Italy: 1000 GRT Spain: 2000 GRT. If licence applications from those Member States do no exhaust the fishing possibilities provided for in the Protocol, the Commission may consider licence applica- tions from any other Member State. Article 3 The President of the Council is hereby authorized to designate the persons empowered to sign the Protocol in order to bind the Community. Article 4 This Regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Communities. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Bruésels, 18 December 1997. 371, 8. 12. 1997. 226, 29. 8. 1980, p. 33. g =0 For the Council The President F. BODEN () OJ C 342, 12. 12. 1997.