23. 2. 89 Official Journal of the European  Communities No L 51/7 COMMISSION REGULATION (EEC) No 439/89 of 22 February 1989 amending Regulation (EEC) No 411/88 on the method to be used and the interest rates to be applied for the calculation of the cost.of financing intervention in the . form of buying in, storage and disposal THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, ' Having regard to Council Regulation (EEC) No 1883/78 of 2 August 1978 laying down general rules for the financing of interventions by the European Agricultural Guidance and Guarantee Fund, Guarantee Section (*), as last amended by Regulation (EEC) No 2050/88 (3, and in particular Article 5 thereof, * Whereas the first: paragraph of Article 5 of Regulation (EEC) No 1883/78 provides for fixing for the Community of a uniform interest rate, representative of the interest rates actually borne; whereas the second paragraph entitles the Commission to set the uniform interest rate at a lower level than its representative level until 1992; whereas the Commission has made use of this possibility, setting the uniform interest rate at 7 % since 1986; whereas, in view of the evolution of the Member States’ interest rates it is necessary to increase this interest rate ; Whereas the second paragraph of Article 5 of Regulation (EEC) No 1883/78 confers upon the Commission the power to set the uniform interest rates at a lower level for those Member States having interest- costs lower than those deriving from the application of the uniform interest rate for the calculation of the fiancing costs; Whereas the conditions laid down in the said Article § are met in certain Member States; whereas, in fact, interest rates below the level of the uniform interest rate have been recorded in these Member States since 1986 ; Whereas it is appropriate to establish for the Member - States concerned the special interest rate to be applied in these Member States from 1 January 1989 onwards and to amend Commission Regulation (EEC) No 411/88 (3 accordingly ; Whereas the EAGGF Committee has not delivered an opinion within the time limit set by its chairman, HAS ADOPTED THIS REGULATION : Article 1 Regulation (EEC) No 411/88 is hereby amended follows : - 1. Article 3 is replaced by the following: Article 3 The interest rate mentioned in Article '5 of Regulation (EEC) No 1883/78 shall be 7,7 %’ 2. In Article 4, the second paragraph is replaced by the following : ‘2. For the period 1 January to 30 September 1989, the specific interest rate shall be: ~ 6 % for Germany, — 6,5% for the Netherlands and for Luxembourg.’ Article 2 This Regulation shall enter into force on the third day following its publication in the- Official -Journal of the European Communities. It shall apply with effect from 1 January 1989. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Erussels;- 22 February 1989. () OJ No L 216, 5. 8. 1978, p. 1. () OJ No L 185, 15 7. 1988, p. 6. For the Commission - Ray -MAC SHARRY Member -of the. Commission () OJ No L 40, 13. 2. 1988, p. 25.