29.9.76 Official Journal of the European Communities No L 265/27 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 20 September 1976 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest (76/771/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to Council Regulation (EEC) No 397/75 of 17 February 1975 concerning Community loans (!), and in particular the second paragraph of Article 2, and Article 3 thereof, Having regard to the proposal from the Commission, which for this purpose consulted the Monetary Committee, Whereas by Council Decision 76/322/EEC of 15 March 1976 concerning a Community loan in favour of the Italian Republic and of Ireland (2), the Commis- sion has been authorized to conclude, on behalf of the Community, a series of borrowing operations which form a package including, in particular, a variable interest rate loan of US dollars 300 million for five years from a syndicate of banks, as provided for by Article 1 (4); whereas this borrowing has been made ; Whereas it is in the interests of both the Community and of the Member States benefiting from the said Decision to change the Community loans from vari- able to fixed rates of interest; Whereas the Council has therefore authorized the Commission to initiate negotiations to this end; 6, 20. 2. 1975, p. 1. 7, 24. 3. 1976, p. 12 Whereas these negotiations have led to the possibility of carrying out a fixed interest borrowing operation for US dollars 100 million, corresponding to the tranche of the variable interest rate loan repayable on 15 October 1976 on the Community’s initiative ; Whereas the terms of the loan to Ireland and to the Italian Republic must therefore be altered, HAS ADOPTED THIS DECISION : Article 1 The Commission shall be authorized to exercise the right to prepay one tranche of US dollars 100 million of the variable interest rate bank loan referred to in Article 1 (4) of Decision 76/322/EEC, and to take all necessary measures to that end. Article 2 3 The Commission shall be authorized to take all actions and execute all documents necessary, proper or desirable to conclude, on behalf of the Community, a public issue in the United States of notes denomi- nated in US dollars underwritten by various invest- ment banking firms, as indicated below, on the following major terms :