16. 7. 97 Official Journal of the European Communities No L 186/25 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 30 April 1997 requiring the Portuguese Government to suspend the aid in the form of a State guarantee granted to the undertaking EPAC — Empresa Para a Agroalimentacio e Cereais SA (Only the Portuguese text is authentic) (97/433/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular Article 93(2) and (3) thereof, Whereas: The Commission received a complaint dated 15 October 1996 about aid to the public-sector undertaking EPAC (Empresa Para a Agroalimentagdo e Cereais SA, here- inafter referred to as ‘EPAC’), in the form of a State guarantee of Esc 30 billion, accompanied by a supple- mentary loan of Esc 20 billion on special terms. As the Commission had received no notification pursuant to Article 93 (3) of the Treaty from the Portuguese au- thorities, a letter was sent on 31 October 1996 asking them whether the aid had been granted, and if so, requesting them to notify the Commission accordingly pursuant to Article 93 (3) of the Treaty so that the aid could be examined pursuant to Articles 92 and 93. In a letter dated 26 November 1996, recorded as received on 29 November 1996, the Portuguese Permanent Rep- resentative to the European Union confirmed the exist- ence of a State guarantee for EPAC. However, the Commission received no notification of the aid pursuant to Article 93 (3) of the Treaty. Consequently, the aid was put on the register of non-notified aid. 11 Before the accession of Portugal to the European Community, the marketing of cereals in Portugal was covered by a public monopoly. EPAC (at that time Empresa Pablica de Abastecimento de Cereais) was the public-sector undertaking responsible for managing the market. This public monopoly was gradually dismantled after accession, and EPAC, which was made into a limited company with public capital, became one of a number of operators in the cereals market, which was liberalized in 1991. By joint decision of the Secretary of State for the treasury and finance and the Secretary of State for food production of 26 July 1996, the board of directors of EPAC was authorized to negotiate the terms of a loan on market conditions up to a total of Esc 50 billion, Esc 30 billion of which would be covered by a State guarantee for a maximum of seven years. By Finance Ministry Decision No 430/96-XIII of 30 September 1996, the abovementioned guarantee was granted in connection with a loan obtained by EPAC from a group of banks. The loan was equal to EPAC’s total debt, which amounted to Esc 48,7 billion on 30 June 1996. The purpose of the loan is to restructure EPAC’s short- term bank debt into medium-term liabilities. The period set is seven years at an interest rate equal to six-month Lisbor for the guaranteed amount and six-month Lisbor + 1,2 % for the remainder (the six-month Lisbor interest rate stood at an annual 5,65 % at the end of