26. 7. 91 Official Journal of the European Communities No L 203/105 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 13 March 1991 concerning credits granted by the Belgian authorities to various shipowners for the building of nine vessels Aid No C 32/90 (ex NN 61/90) (Only the French and Dutch texts are authentic) (91/375/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular the first subpara- graph of Article 93 (2) thereof, Having regard to Council Directive 87/167/EEC of 26 January 1987 on aid to shipbuilding (), and in particular Articles 3 and 4 (1) thereof, read in conjunction with Article 4 (4) thereof, ’ Having given the interested parties notice to submit their comments in accordance with the first subparagraph of Article 93 (2) and having regard to those comments, Whereas : By letter of 1 March 1990 from the office of its perma- nent representative, the Belgian Government provided the Commission with information on contracts for the construction of vessels by Belgian yards in 1989 pursuant to Article 11 of Council Directive 87/167/EEC. At the Commission’s request, further details were sent by letter of 11 May 1990. The contracts related inter alia to the construction of 12 vessels which, pursuant to the Law of 23 August 1948 on () OJ No L 69, 12. 3. 1987, p. 55. shipping credit, were granted financing which exceeded in terms of grant equivalent the maximum rate fixed by the Commission for 1989. Three of the 12 contracts have already been brought to the attention of the Commission and were the subject of an Article 93 (2) procedure, which culminated on 4 July 1990 (3 in a negative decision in respect of the aid which exceeded the ceiling fixed by the Commission in 1989. The other nine vessels, namely two refrigerator ships for Europese Transport Maatschappij, a ro-ro ferry for NV Ship Finance to be built at the Boelwerf shipyard and four coastal tugs for NV Unie van Redding en Scheeps- dienst to be built by NV Scheepswerf Ruppelmonde, received financing covering 85 % of the contract value at 2 % interest for 18 years with a three-year grace period. A salvage vessel for NV Unie van Redding en Scheeps- dienst to be built in the Fulton Marine shipyard and a tourist submarine for Scan Dive Belgium to be built in the Boelwerf shipyard received financing covering 80 % of the contract value at 3 % interest for 16 years with a one-year grace period. Both these vessels and the four tugs are vessels costing less than ECU 6 million. Having noted that, given a market interest rate of 8,25 % in Belgium in 1989, these financing conditions repre- sented grant equivalents of 35 % for seven of the contracts and 24,5 % for the salvage vessel and the tourist submarine, the Commission decided on 20 July 1990 to () OJ No L 338, 5. 12. 1990, p. 21.