However, when the difference between the national rate and the minimum rate does not exceed 3 % of the minimum rate, the EU country may wait until the end of the period to adjust its national level.

The UK maintained that the Commission’s reference interest rates were not a valid comparator for the rates on the 2001 loan, in particular because the Commission’s rates are based on five year maturity dates and the loan in question consisted of long-term debt with a range of maturity dates between 20 and 25 years, because the loan advanced to Royal Mail reflected commercial rates available to similarly positioned long-term borrowers, and because the UK yield curve in 1999-2000 (the relevant period for calculating interest) was moving downwards making corporate borrowing cheaper.

5. Where the fishing mortality rate for one of the cod stocks concerned has been estimated by the STECF to be less than 10 % above the minimum fishing mortality rates defined in Article 4, the total number of days where fishing with the gear referred to in paragraph 1 is allowed shall be equal to the total number of days allowed in the current year, multiplied by the minimum fishing mortality rate defined in Article 4 divided by the fishing mortality rate estimated by STECF.

Where the legislation applicable to the act and standards already fix minimum control rates, that rate shall insofar be applied instead of the minimum rate mentioned in the first subparagraph.

However, when the difference between the national rate and the minimum rate does not exceed 3 % of the minimum rate, the EU country may wait until the end of the period to adjust its national level.

Until 1 January 2013, it may furthermore apply a reduced rate in the level of taxation of oil shale, provided that it does not result in taxation at below 50 % of the relevant Community minimum rate as from 1 January 2011.