council decis septemb chang tranch commun loan variabl fix rate interest eec council european commun regard treati establish european econom commun regard council regul eec februari commun loan paragraph articl articl thereof regard propos commiss purpos consult monetari committe council decis eec march commun loan favour italian republ ireland commiss author conclud behalf commun seri borrow oper form packag includ variabl interest rate loan dollar million year syndic bank provid articl borrow made interest commun member state benefit decis chang commun loan variabl fix rate interest council author commiss initi negoti end negoti led possibl carri fix interest borrow oper dollar million tranch variabl interest rate loan repay octob commun initi term loan ireland italian republ alter adopt decis articl commiss author exercis prepai tranch dollar million variabl interest rate bank loan refer articl decis eec measur end articl commiss author action execut document proper desir conclud behalf commun public issu unit state note denomin dollar underwritten invest bank firm major term oj oj form loan bearer coupon note denomin dollar regist note denomin dollar multipl thereof total amount dollar million redempt par year payment interest semi annual april octob manag underwrit manag underwrit morgan stanlei amp incorpor manag boston corpor kuhn loeb amp lehman brother incorpor salomon brother rate interest public issu price fix agreement commiss agent design underwrit articl commiss author conclud agreement behalf commun ireland italian republ repay member state portion proce variabl interest rate bank loan repaid commun lend ireland italian republ thirteenth ten thirteenth proce borrow oper carri accord articl currenc term oper articl council decis eec eec march fix econom polici condit observ ireland italian republ stand unchang articl financi oper refer decis carri european monetari oper fund articl decis address member state brussel septemb council presid duisenberg oj oj