8. 1. 88 Ofticial Journal of the European Communities No L 5/39 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 16 December 1987 renewing and amending Decision 85/15/EEC authorizing Ireland to continue to apply certain protective measures pursuant to Article 108 (3) of the EEC Treaty (Only the English text is authentic) (88/12/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 108 (3) thereof, Whereas by Decision 85/15/EEC ('), amended by Deci- sion 87/150/EEC {3), the Commission authorized Ireland to continue, until 19 Decembur 1987, to apply certain protective measures to capital movements liberalized in accordance with the Council Dircctive of 11 May 1960 (), as last amended by Directive 86/566/EEC (), Whereas Ireland has claimed that its balance of payments is still in difficulties and has requested s renewal of certain protective measures, in accordance with Article 2 (3) of Decision 85/15/EEC ; whereas, however, relaxations are to be made by the Irish authorities, with effect from 1 January 1988, in the protective measures now in force for which renewal is requested; Whereas it emerges from the Commission’s review of the overall economic situation of Ircland that the improve- ment in Ireland’s external position since 1984 permits a significant relaxation in the restrictions now applied to outward portfolio investment; whereas, however, if this improvement is to continue and be consolidated, notably () OJ No L 8, 10. 1. 1985, p. 32. () OJ No L 63, 6. 3. 1987, p. 34. () OF No 43, 12. 7. 1960, p. 921/60. () OF No L 332, 26. 11. 1986, p. 22 by means of a reduction in the public sector deficit, and in more satisfactory growth conditions, the maintenance, for a relatively short period, of protective measures in this area is justified ; Whereas the authorization to apply the protective measures should be renewed and amended accordingly, HAS ADOPTED THIS DECISION : Article 1 Decision 85/15/EEC is hereby amended as follows : 1. Article 1 is replaced by the following: ‘Article 1 1. Ireland is authorized, temporarily and within the ° limits of the measures listed in the Annex hereto, to prohibit or to subject to prior exchange authorization the conclusion or performance of transactions and transfers relating to the capital movements liberalized * at the date of this Decision, pursuant to Article 1 of the Council Directive of 11 May 1960 (First Directive for the implementation of Article 67), as last amended by Directive 86/566/EEC. ' 2. Unless otherwise provided for by the Commis- sion under the conditions laid down in Article 2 (3), this Decision shall remain in force until 31 December 1988’ 2. The Annex is hereby replaced by the following: