Commission Regulation (EC) No 545/2007

of 16 May 2007

opening and providing for the administration of an import tariff quota for frozen beef intended for processing ( 1 July 2007 to 30 June 2008)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community,

Having regard to Council Regulation (EC) No 1254/1999 of 17 May 1999 on the common organisation of the market in beef and veal [1], and in particular Article 32(1) thereof,

Whereas:

(1) The WTO schedule CXL requires the Community to open an annual import tariff quota of 50700 tonnes of frozen beef intended for processing. Moreover, as a result of the negotiations which led to the Agreement in the form of an Exchange of Letters between the European Community and Australia pursuant to Article XXIV:6 and Article XXVIII of the General Agreement on Tariffs and Trade (GATT) 1994 relating to the modification of concessions in the schedules of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic in the course of their accession to the European Union [2], approved by Council Decision 2006/106/EC [3], the Community undertook to incorporate in its schedule for all Member States an increase of 4003 tonnes of that import tariff quota as of 1 July 2006.

(2) Implementing rules should be laid down for the quota year 2007/2008, starting on 1 July 2007.

(3) The import of frozen beef under the tariff quota is subject to customs import duties and to the conditions laid down under order number 13 of Annex 7 to Part three of Annex I to Council Regulation (EEC) No 2658/87 of 23 July 1987 on the tariff and statistical nomenclature and on the Common Customs Tariff [4].

(4) Imports into the Community under the tariff quota are subject to presentation of an import licence in accordance with the first subparagraph of Article 29(1) of Regulation (EC) No 1254/1999. The provisions of Commission Regulation (EC) No 1445/95 of 26 June 1995 on rules of application for import and export licences in the beef and veal sector and repealing Regulation (EEC) No 2377/80 [5] and of Commission Regulation (EC) No 1291/2000 of 9 June 2000 laying down common detailed rules for the application of the system of import and export licences and advance fixing certificates for agricultural products [6] should apply to import licences issued under this Regulation, without prejudice to additional conditions laid down in this Regulation.

(5) Commission Regulation (EC) No 1301/2006 of 31 August 2006 laying down common rules for the administration of import tariff quotas for agricultural products managed by a system of import licences [7] lays down in particular detailed provisions on applications for import rights, the status of applicants and the issue of import licences. The provisions of Regulation (EC) No 1301/2006 should apply, from 1 July 2007, to imports licences issued pursuant to this Regulation, without prejudice to additional conditions laid down in this Regulation.

(6) It is appropriate to manage this import tariff quota by attributing import rights as a first step and issuing import licences as a second, as provided for in Article 6(3) of Regulation (EC) No 1301/2006. In this way, operators that have obtained import rights should be able to decide, during the course of the quota period, the moment when they wish to apply for import licences, in view of their actual trade flows. It should be possible to issue licences following allocations of import rights on the basis of applications from eligible processors. In any case, the Regulation (EC) No 1301/2006 limits the period of validity of licences to the last day of the import tariff quota period.

(7) So as to avoid speculation, access to the quota should be allowed only to active processors carrying out processing in a processing establishment approved in accordance with Article 4 of Regulation (EC) No 853/2004 of the European Parliament and of the Council of 29 April 2004 laying down specific hygiene rules for food of animal origin [8], or to processing establishments in Bulgaria and Romania who had been approved for export into the Community of processed meat products in accordance with Article 12 of Regulation (EC) No 854/2004 of the European Parliament and of the Council of 29 April 2004 laying down specific rules for the organisation of official controls on products of animal origin intended for human consumption [9] prior to the accession of those countries to the European Union on 1 January 2007.

(8) In order to prevent speculation, import licences should be issued to processors solely for the quantities for which they have been allocated import rights. Moreover, for the same reason, security should be lodged together with the application for import rights. The application for import licences corresponding to the allocated rights should be a primary requirement within the meaning of Commission Regulation (EEC) No 2220/85 of 22 July 1985 laying down common detailed rules for the application of the system of securities for agricultural products [10].

(9) The application of the tariff quota requires strict surveillance of imports and effective checks as to their use and destination. The processing should therefore be authorised only in the establishment referred to in the import licence.

(10) A security should be lodged in order to ensure that the imported meat is used according to the tariff quota specifications. The amount of that security should be fixed taking into account the difference between the customs duties applicable within and outside the quota.

(11) The measures provided for in this Regulation are in accordance with the opinion of the Management Committee for Beef and Veal,

HAS ADOPTED THIS REGULATION:

Article 1

An import tariff quota of 54703 tonnes, bone-in equivalent of frozen beef falling within CN code 02022030, 02023010, 02023050, 02023090 or 02062991 and intended for processing in the Community (hereinafter referred to as "the quota") is hereby opened for the period from 1 July 2007 to 30 June 2008 subject to the conditions laid down in this Regulation.

Article 2

1. For the purposes of this Regulation, an A-product shall mean a processed product falling within CN code 160210, 16025031, 16025039 or 16025080, not containing meat other than that of animals of the bovine species, with a collagen/protein ratio of no more than 0,45 and containing by weight at least 20 % of lean meat excluding offal and fat with meat and jelly accounting for at least 85 % of the total net weight.

The collagen content shall be considered to be the hydroxyproline content multiplied by the factor 8. The hydroxyproline content shall be determined according to ISO method 3496-1994.

The lean bovine meat content excluding fat shall be determined in accordance with the procedure laid down in the Annex to Commission Regulation (EEC) No 2429/86 [11].

Offal includes the following: heads and cuts thereof (including ears), feet, tails, hearts, udders, livers, kidneys, sweetbreads (thymus glands), pancreas, brains, lungs, throats, thick skirts, spleens, tongues, caul, spinal cords, edible skin, reproductive organs (i.e. uteri, ovaries and testes), thyroid glands, pituitary glands.

The product shall be subjected to a heat treatment sufficient to ensure the coagulation of meat proteins in the whole of the product which may not show any traces of a pinkish liquid on the cut surface when the product is cut along a line passing through its thickest part.

2. For the purposes of this Regulation, a B-product shall mean a processed product containing beef, other than:

(a) the products specified in Article 1(1)(a) of Regulation (EC) No 1254/1999; or

(b) the products referred to under paragraph 1 of this Article.

However, a processed product falling within CN code 02102090 which has been dried or smoked so that the colour and consistency of the fresh meat has totally disappeared and with a water/protein ratio not exceeding 3:2 shall be considered to be a B-product.

Article 3

1. The overall quantity referred to in Article 1 shall be divided into two quantities:

(a) 43000 tonnes of frozen beef intended for the manufacture of A-products;

(b) 11703 tonnes of frozen beef intended for the manufacture of B-products.

2. The quota shall bear the following order numbers:

(a) 09.4057 for the quantities referred to in paragraph 1(a);

(b) 09.4058 for the quantities referred to in paragraph 1(b).

3. The customs import duties to apply on frozen beef under the quota are set out in Annex I.

Article 4

1. The quota shall be managed by attributing import rights as a first step and issuing import licences as a second.

2. Regulations (EC) No 1445/95, (EC) No 1291/2000 and (EC) No 1301/2006 shall apply, save as otherwise provided for in this Regulation.

Article 5

1. By way of derogation from Article 5 of Regulation (EC) No 1301/2006, instead of engagement in trade with third countries as referred to in that Article, the applicants for import rights shall prove that they are approved as processing establishments under Article 4 of Regulation (EC) No 853/2004 and shall demonstrate that they have been active in production of processed products containing beef during each of the two reference periods referred to in Article 5 of Regulation (EC) No 1301/2006.

Processing establishments in Bulgaria and Romania that were approved under Article 12 of Regulation (EC) No 854/2004 to export to the Community before 31 December 2006 and which have been active in production of processed products containing beef during each of the two reference periods referred to in Article 5 of Regulation (EC) No 1301/2006 may apply for import rights under the quota.

An application for import rights may not exceed 10 % of each quantity referred to in Article 3(1).

2. The evidence of compliance with the conditions laid down in paragraph 1 shall be submitted together with the application for import rights.

By way of derogation from the second paragraph of Article 5 of Regulation (EC) No 1301/2006, the competent national authority shall decide what is acceptable documentary evidence of compliance with those conditions.

Article 6

1. Each application for import rights for production of A-products or B-products shall be expressed in bone-in equivalence.

For the purpose of this paragraph 100 kilograms of bone-in beef equals 77 kilograms of boneless beef.

2. Applications for import rights for production of either A-products or B-products shall be lodged no later than 13.00, Brussels time, on 8 June 2007.

3. A security of EUR 6 per 100 kg shall be lodged together with the application for import rights.

4. No later than 13.00, Brussels time, on the second Friday following the end of the period for the submission of applications referred to in paragraph 2, Member States shall notify the Commission of the total quantities applied for under each of the two categories of products.

Article 7

1. Import rights shall be awarded as from the 7th and no later than the 16th working day following the end of the period for the notifications referred to in Article 6(4).

2. If application of the allocation coefficient referred to in Article 7(2) of Regulation (EC) No 1301/2006 results in fewer import rights to be allocated than had been applied for, the security lodged in accordance with Article 6(3) of this Regulation shall be released proportionally without delay.

Article 8

1. The release into free circulation of the quantities awarded under the quota is subject to the presentation of an import licence.

2. Import licence applications shall cover the total quantity allocated. This obligation shall constitute a primary requirement within the meaning of Article 20(2) of Regulation (EEC) No 2220/85.

Article 9

1. Licence applications may be lodged solely in the Member State where the applicant has applied and obtained import rights under the quota.

Each issuing of import licence shall result in a corresponding reduction of the import rights obtained and the security lodged in accordance with Article 6(3) shall be released proportionally without delay.

2. Import licences shall be issued in the name of the operator who has obtained the import rights.

3. The licence application and the licence shall contain the following information:

(a) in box 8, the country of origin;

(b) in box 16, one of the eligible CN codes referred to in Article 1;

(c) in box 20, the order number of the quota, at least one of the entries listed in Annex II and the name and address of the processing establishment.

4. Import licences shall be valid for 120 days from the actual date of issue within the meaning of Article 23(2) of Regulation (EC) No 1291/2000.

Article 10

Member States shall set up a system of physical and documentary checks to ensure that, within three months of the date of import, all meat is processed in the processing establishment and into the category of product specified on the import licence concerned.

The system shall include physical checks of quantity and quality at the start of the processing, during the processing and after the processing operation is completed. To this end, processors shall at any time be able to demonstrate the identity and use of the imported meat through appropriate production records.

Technical verification of the production method by the competent authority may, to the extent necessary, make allowance for drip losses and trimmings.

In order to verify the quality of the finished product and establish its conformity with the processor‘檚 formula for the composition of the product, Member States shall take representative samples and analyse those products. The costs of such operations shall be borne by the processor concerned.

Article 11

1. A security shall be lodged with the competent authority at the time of import ensuring that the processor having been allocated import rights processes the entire quantity of meat imported into the required finished products in his establishment specified in the licence application, within three months of the day of import.

The amounts of the security are fixed in Annex III.

2. The security referred to in paragraph 1 shall be released in proportion to the quantity for which, within seven months of the day of import, proof has been furnished to the satisfaction of the competent authority that all or part of the imported meat has been processed into the relevant products within three months following the day of import in the designated establishment.

However, if processing took place after the three-month time limit referred to in the first subparagraph, the security shall be released minus a 15 % reduction plus 2 % of the remaining amount for each day by which the time limit has been exceeded.

If proof of processing is established within the seven-month time limit referred to in the first subparagraph and produced within 18 months following those seven months, the amount forfeited, less 15 % of the security amount, shall be repaid.

3. The amount not released of the security referred to in paragraph 1 shall be forfeited.

Article 12

This Regulation shall enter into force on the third day following its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 16 May 2007.

For the Commission

Mariann Fischer Boel

Member of the Commission

[1] OJ L 160, 26.6.1999, p. 21. Regulation as last amended by Regulation (EC) No 1913/2005 (OJ L 307, 25.11.2005, p. 2).

[2] OJ L 47, 17.2.2006, p. 54.

[3] OJ L 47, 17.2.2006, p. 52.

[4] OJ L 256, 7.9.1987, p. 1. Regulation as last amended by Regulation (EC) No 301/2007 (OJ L 81, 22.3.2007, p. 11).

[5] OJ L 143, 27.6.1995, p. 35. Regulation as last amended by Regulation (EC) No 1965/2006 (OJ L 408, 30.12.2006, p. 26).

[6] OJ L 152, 24.6.2000, p. 1. Regulation as last amended by Regulation (EC) No 1913/2006 (OJ L 365, 21.12.2006, p. 52).

[7] OJ L 238, 1.9.2006, p. 13. Regulation as amended by Regulation (EC) No 289/2007 (OJ L 78, 17.3.2007, p. 17).

[8] OJ L 139, 30.4.2004, p. 55 (corrected version in OJ L 226, 25.6.2004, p. 22). Regulation as last amended by Regulation (EC) No 1791/2006 (OJ L 363, 20.12.2006, p. 1).

[9] OJ L 139, 30.4.2004, p. 206 (corrected version in OJ L 226, 25.6.2004, p. 83). Regulation as last amended by Council Regulation (EC) No 1791/2006.

[10] OJ L 205, 3.8.1985, p. 5. Regulation as last amended by Regulation (EC) No 1913/2006.

[11] OJ L 210, 1.8.1986, p. 39.

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ANNEX I

Import duties

Product (CN code) | For manufacture of A products | For manufacture of B products |

02022030 | 20 % | 20 % + 994,5 EUR/1000 kg/net |

02023010 | 20 % | 20 % + 1554,3 EUR/1000 kg/net |

02023050 | 20 % | 20 % + 1554,3 EUR/1000 kg/net |

02023090 | 20 % | 20 % + 2138,4 EUR/1000 kg/net |

02062991 | 20 % | 20 % + 2138,4 EUR/1000 kg/net |

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ANNEX II

Entries referred to in Article 9(3)(c)

‘�in Bulgarian : 袥懈褑械薪蟹懈褟, 胁邪谢懈写薪邪 胁 ‘�(写褗褉卸邪胁邪-褔谢械薪泻邪 懈蟹写邪褌械谢)_/屑械褋芯, 锌褉械写薪邪蟹薪邪褔械薪芯 蟹邪 锌褉械褉邪斜芯褌泻邪 胁 ‘�[锌褉芯写褍泻褌懈 袗] [锌褉芯写褍泻褌懈 袘] (薪械薪褍卸薪芯褌芯 褋械 蟹邪褔械褉褌邪胁邪) 胁 ‘�(褌芯褔薪芯 薪邪懈屑械薪芯胁邪薪懈械 懈 薪芯屑械褉 薪邪 芯写芯斜褉械薪懈械褌芯 薪邪 锌褉械写锌褉懈褟褌懈械褌芯, 泻褗写械褌芯 褖械 褋械 懈蟹胁褗褉褕懈 锌褉械褉邪斜芯褌泻邪褌邪) / 袪械谐谢邪屑械薪褌 (袝袨) 鈩�545/2007

‘�in Spanish : Certificado v谩lido en ‘�(Estado miembro expedidor)/carne destinada a la transformaci贸n ‘�[productos A] [productos B] (t谩chese lo que no proceda) en ‘�(designaci贸n exacta y n煤mero de registro del establecimiento en el que vaya a procederse a la transformaci贸n)/Reglamento (CE) no 545/2007

‘�in Czech : Licence platn谩 v ‘�(vyd谩vaj铆c铆 膷lensk媒 st谩t) / Maso ur膷ené ke zpracov谩n铆 ‘�[v媒robky A] [v媒robky B] (nehod铆c铆 se 拧krtn臎te) v (p艡esné ur膷en铆 a 膷铆slo schv谩len铆 zpracovatelského za艡铆zen铆, v n臎m啪 se m谩 zpracov谩n铆 uskute膷nit)/ na艡铆zen铆 (ES) 膷. 545/2007

‘�in Danish : Licens gyldig i ‘�(udstedende medlemsstat) / K酶d bestemt til forarbejdning til (A-produkter) (B-produkter) (det ikke g忙ldende overstreges) i ‘�(n酶jagtig betegnelse for den virksomhed, hvor forarbejdningen sker) / forordning (EF) nr. 545/2007

‘�in German : In ‘�(ausstellender Mitgliedstaat) g眉ltige Lizenz / Fleisch f眉r die Verarbeitung zu [A-Erzeugnissen] [B-Erzeugnissen] (Unzutreffendes bitte streichen) in ‘�(genaue Bezeichnung des Betriebs, in dem die Verarbeitung erfolgen soll) / Verordnung (EG) Nr. 545/2007

‘�in Estonian : Litsents on kehtiv ‘�(v盲lja andev liikmesriik) / Liha t枚枚tlemiseks ‘�[A toode] [B toode] (kustuta mittevajalik) ‘�(ettev枚tte asukoht ja loanumber, kus toimub t枚枚tlemine / m盲盲rus (E脺) nr. 545/2007

‘�in Greek : 螚 维未蔚喂伪 喂蟽蠂蠉蔚喂 ‘�(魏蟻维蟿慰蟼 渭苇位慰蟼 苇魏未慰蟽畏蟼) / 螝蟻苇伪蟼 蟺慰蠀 蟺蟻慰慰蟻委味蔚蟿伪喂 纬喂伪 渭蔚蟿伪蟺慰委畏蟽畏 ‘�[蟺蟻慰蠆蠈谓蟿伪 螒] [蟺蟻慰蠆蠈谓蟿伪 螔] (未喂伪纬蟻维蠁蔚蟿伪喂 畏 蟺蔚蟻喂蟿蟿萎 苇谓未蔚喂尉畏) ‘�(伪魏蟻喂尾萎蟼 蟺蔚蟻喂纬蟻伪蠁萎 魏伪喂 伪蟻喂胃渭蠈蟼 苇纬魏蟻喂蟽畏蟼 蟿畏蟼 蔚纬魏伪蟿维蟽蟿伪蟽畏蟼 蠈蟺慰蠀 蟺蟻蠈魏蔚喂蟿伪喂 谓伪 蟺蟻伪纬渭伪蟿慰蟺慰喂畏胃蔚委 畏 渭蔚蟿伪蟺慰委畏蟽畏) / 螝伪谓慰谓喂蟽渭蠈蟼 (螘螝) 伪蟻喂胃. 545/2007

‘�in English : Licence valid in ‘�(issuing Member State) / Meat intended for processing ‘�[A-products] [B-products] (delete as appropriate) at ‘�(exact designation and approval No of the establishment where the processing is to take place) / Regulation (EC) No. 545/2007

‘�in French : Certificat valable ‘�(脡tat membre émetteur) / viande destinée 脿 la transformation de ‘�[produits A] [produits B] (rayer la mention inutile) dans ‘�(désignation exacte et numéro d‘檃grément de l‘櫭﹖ablissement dans lequel la transformation doit avoir lieu) / règlement (CE) no 545/2007

‘�in Italian : Titolo valido in ‘�(Stato membro di rilascio) / Carni destinate alla trasformazione ‘�[prodotti A] [prodotti B] (depennare la voce inutile) presso ‘�(esatta designazione e numero di riconoscimento dello stabilimento nel quale è prevista la trasformazione) / Regolamento (CE) n. 545/2007

‘�in Latvian : At募auja der墨ga ‘�(dal墨bvalsts, kas izsniedz ieve拧anas at募auju) / p膩rstr膩dei paredz膿ta ga募a ‘�[A produktu] [B produktu] ra啪o拧anai (nevajadz墨go nosv墨trot) ‘�(prec墨zs t膩 uz艈膿muma apz墨m膿jums un apstiprin膩juma numurs, kur膩 notiks p膩rstr膩de) / Regula (EK) Nr. 545/2007

‘�in Lithuanian : Licencija galioja ‘�(i拧davusioji valstyb臈 nar臈) / M臈sa skirta perdirbimui ‘�[produktai A] [produktai B] (i拧trinti nereikaling膮) ‘�(tikslus 寞mon臈s, kurioje bus perdirbama, pavadinimas ir registracijos Nr.) / Reglamentas (EB) Nr. 545/2007

‘�in Hungarian : Az engedély ‘�(kibocs谩t贸 tag谩llam) ter眉letén érvényes. / Feldolgoz谩sra sz谩nt h煤s ‘�[A-termék] [B-termék] (a nem k铆v谩nt t枚rlend艖) ‘�(pontos rendeltetési hely és a feldolgoz谩st végz艖 létes铆tmény engedélyezési sz谩ma) 545/2007/EK rendelet

‘�in Maltese : Li膵enzja valida fi ‘�(Stat Membru tal-魔ru摹) / La魔am ma魔sub g魔all- ippro膵essar ‘�[Prodotti-A] [Prodotti-B] (魔assar skond kif ikun xieraq) fi ‘�(de偶injazzjoni e偶atta u Nru. ta' l-istabbiliment fejn se jsir l-ippro膵essar) / Ir-Regolament (KE) Nru 545/2007

‘�in Dutch : Certificaat geldig in ‘�(lidstaat van afgifte) / Vlees bestemd voor verwerking tot [A-producten] [B-producten] (doorhalen wat niet van toepassing is) in ‘�(nauwkeurige aanduiding en toelatingsnummer van het bedrijf waar de verwerking zal plaatsvinden) / Verordening (EG) nr. 545/2007

‘�in Polish : Pozwolenie wa偶ne w ‘�(wystawiaj膮ce Pa艅stwo Cz艂onkowskie) / Mi臋so przeznaczone do przetworzenia ‘�[produkty A] [produkty B] (niepotrzebne skre艣li膰) w ‘�(dok艂adne miejsce przeznaczenia i nr zatwierdzenia zak艂adu, w kt贸reym ma mie膰 miejsce przetwarzanie) / rozporz膮dzenie (WE) nr 545/2007

‘�in Portuguese : Certificado v谩lido em ‘�(Estado-Membro emissor) / carne destinada 脿 transformaç茫o ‘�[produtos A] [produtos B] (riscar o que n茫o interessa) em ‘�(designaç茫o exacta e n煤mero de aprovaç茫o do estabelecimento em que a transformaç茫o ser谩 efectuada) / Regulamento (CE) n.o 545/2007

‘�in Romanian : Licen葲膬 valabil膬 卯n ‘�(statul membru emitent) / Carne destinat膬 proces膬rii ‘�[produse-A] [produse-B] (se 葯terge unde este cazul) la ‘�(desemnarea exact膬 葯i nr. de aprobare al stabilimentului unde va avea loc procesarea) / Regulamentul (CE) nr. 545/2007

‘�in Slovak : Licencia platn谩 v ‘�(vyd谩vaj煤ci 膷lensk媒 拧t谩t) / M盲so ur膷ené na spracovanie ‘�[v媒robky A] [v媒robky B] (nehodiace sa pre膷iarknite) v ‘�(presné ur膷enie a 膷铆slo schv谩lenia zariadenia, v ktorom spracovanie prebehne) / nariadenie (ES) 膷. 545/2007

‘�in Slovenian : Dovoljenje velja v ‘�(dr啪ava 膷lanica, ki ga je izdala) / Meso namenjeno predelavi ‘�[proizvodi A] [proizvodi B] (膷rtaj neustrezno) v ‘�(to膷no namembno obmo膷je in 拧t. odobritve obrata, kjer bo predelava potekala) / Uredba (ES) 拧t. 545/2007

‘�in Finnish : Todistus on voimassa ‘�(my枚nt盲j盲j盲senvaltio) / Liha on tarkoitettu [A-luokan tuotteet] [B-luokan tuotteet] (tarpeeton poistettava) jalostukseen ‘�ssa (tarkka ilmoitus laitoksesta, jossa jalostus suoritetaan, hyv盲ksynt盲numero mukaan lukien) / Asetus (EY) N:o 545/2007

‘�in Swedish : Licensen 盲r giltig i ‘�(utf盲rdande medlemsstat) / K枚tt avsett f枚r bearbetning ‘�[A-produkter] [B-produkter] (stryk det som inte g盲ller) vid ‘�(exakt angivelse av och godk盲nnandenummer f枚r anl盲ggningen d盲r bearbetningen skall ske) / F枚rordning (EG) nr 545/2007

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ANNEX III

Amounts of security [1]

(in EUR/1000 kg net) |

Product (CN code) | For manufacture of A products | For manufacture of B products |

02022030 | 1414 | 420 |

02023010 | 2211 | 657 |

02023050 | 2211 | 657 |

02023090 | 3041 | 903 |

02062991 | 3041 | 903 |

[1] The exchange rate to be applied shall be the exchange rate on the day preceding the lodging of the security.

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