EN Official Journal of the European Communities 19. 2. 98 L 48/44
COMMISSION REGULATION (EC) No 391/98
of 18 February 1998
determining the world market price for unginned cotton and the rate for the aid
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European
Community,
Having regard to the Act of Accession of Greece, and in
particular paragraphs 3 and 10 of Protocol 4 on cotton, aslast amended by Council Regulation (EC) No 1553/95 (
1),
Having regard to Council Regulation (EC) No 1554/95 of
29 June 1995 (2) laying down general rules for the system
of aid for cotton and repealing Regulation (EEC) No2169/81, as amended by Regulation (EC) No 1584/96 (
3),
and in particular Articles 3, 4 and 5 thereof,
Whereas Article 3 of Regulation (EC) No 1554/95
requires a world market price for unginned cotton to beperiodically determined from the world market pricedetermined for ginned cotton, using the historical rela-tionship between the two prices as specified in Article 1(2) of Commission Regulation (EEC) No 1201/89 of 3May 1989 laying down rules for implementing the systemof aid for cotton (
4), as last amended by Regulation (EC)
No 1740/97 (5); whereas if it cannot be determined in this
way it is to be based on the last price determined;
Whereas Article 4 of Regulation (EC) No 1554/95
requires the world market price for ginned cotton to bedetermined for a product of specific characteristics usingthe most favourable offers and quotations on the worldmarket of those considered representative of the realmarket trend; whereas to this end an average is to becalculated of offers and quotations on one or more Euro-pean exchanges for a cif product to a North Europeanport from the supplier countries considered most repres-entative as regards international trade; whereas these rulesfor determination of the world market price for ginnedcotton provide for adjustments to reflect differences inproduct quality and the nature of offers and quotations;whereas these adjustments are specified in Article 2 of
Regulation (EEC) No 1201/89;
Whereas application of the above rules gives the world
market price for unginned cotton indicated hereunder;
Whereas Article 5 (3) of Regulation (EC) No 1554/95
stipulates that the advance payment rate for the aid is tobe the guide price less the world market price and less afurther amount calculated by the formula applicablewhen the guaranteed maximum quantity is overun butwith a 15 % increase in the estimate for unginned cottonproduction; whereas Commission Regulation (EC) No1670/97 (
6) determined estimated production for the
1997/98 marketing year; whereas application of theserules gives the advance payment rates for each MemberState indicated hereunder,
HAS ADOPTED THIS REGULATION:
Article 1
1. The world market price for unginned cotton as indi-
cated in Article 3 of Regulation (EC) No 1554/95 is set atECU 33,793 per 100 kilograms.
2. Advance payment of the aid as indicated in Article 5
(3) of Regulation (EC) No 1554/95 shall be at the rate of:
¾ECU 33,601 per 100 kilograms in Spain,
¾ECU 39,660 per 100 kilograms in Greece,
¾ECU 72,507 per 100 kilograms in other Member
States.
Article 2
This Regulation shall enter into force on 19 February
1998. (1) OJ L 148, 30. 6. 1995, p. 45.
(2) OJ L 148, 30. 6. 1995, p. 48.
(3) OJ L 206, 16. 8. 1996, p. 16.
(4) OJ L 123, 4. 5. 1989, p. 23.
(5) OJ L 244, 6. 9. 1997, p. 1. (6) OJ L 237, 28. 8. 1997, p. 1.
EN Official Journal of the European Communities 19. 2. 98 L 48/45
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 18 February 1998.
For the Commission
Franz FISCHLER
Member of the Commission