ECJ Where in a building loan agreement entered into between an official of the European Communities and the Commission the amount of the loan is expressed in belgian francs and where the monthly repayments are made in the currency of the country where the property to be financed is situated, the amounts in foreign currency transferred in order to repay loan must be converted into belgian francs on the basis of the parity ruling on the date of the transfer, it is consonant, on the one hand, with the provisions of the agreement, which does not provide for a fixed parity throughout the performance thereof but for the various parities which might apply successively and, on the other hand, with the fact that the beneficiary of the loan is an official, for the exchange rate to be the rate fixed as a reference parity in article 63 of the staff regulations and for the monthly transfers to be made in accordance with the provisions of article 17 of annex vii thereto.
in the performance of a loan agreement concluded before the entry into force of regulations nos 3085/78 and 3086/78 amending inter alia the provisions of article 63 of the staff regulations and of article 17 of annex vii thereto, the commission is therefore correct to apply to the monthly repayments falling due after the entry into force of the regulations in question the exchange rate resulting from application of the updated parities and of the new version of article 17.
Citations:
C-1205/79, [1982] EUECJ C-1205/79
Links:
European
Updated: 21 May 2022; Ref: scu.132984