EN Official Journal of the European Communities 14. 3. 98 L 77/26
COMMISSION REGULATION (EC) No 589/98
of 13 March 1998
fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European
Community,
Having regard to Council Regulation (EEC) No 3813/92
of 28 December 1992 on the unit of account and theconversion rates to be applied for the purposes of thecommon agricultural policy (
1), as last amended by Regu-
lation (EC) No 150/95 (2), and in particular Article 3 (1)
thereof,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 550/98 (3);
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig-gered, the agricultural conversion rate for a currency is tobe adjusted where the monetary gap between it and therepresentative market rate exceeds certain levels;
Whereas the representative market rates are determined
on the basis of basic reference periods or, where ap-plicable, confirmation periods, established in accordancewith Article 2 of Commission Regulation (EEC) No 1068/93 of 30 April 1993 on detailed rules for determining andapplying the agricultural conversion rates (
4), as last
amended by Regulation (EC) No 1482/96 (5); whereas
paragraph 2 of that Article provides that, in cases wherethe absolute value of the difference between the monetarygaps in two Member States, calculated from the average ofthe ecu rates for three consecutive quotation days, exceedssix points, the representative market rates are to beadjusted on the basis of the three quotation days in ques-tion;
Whereas, as a consequence of the exchange rates recorded
from 11 to 13 March 1998, it is necessary to fix a newagricultural conversion rate for the Greek drachma, thePortuguese escudo and the Spanish peseta;Whereas Article 15 (2) of Regulation (EEC) No 1068/93
provides that an agricultural conversion rate fixed inadvance is to be adjusted if the gap between that rate andthe agricultural conversion rate in force at the time of theoperative event applicable for the amount concernedexceeds four points; whereas, in that event, the agricul-tural conversion rate fixed in advance is brought moreclosely into line with the rate in force, up to the level of agap of four points with that rate; whereas the rate whichreplaces the agricultural conversion rate fixed in advanceshould be specified,
HAS ADOPTED THIS REGULATION:
Article 1
The agricultural conversion rates are fixed in Annex I
hereto.
Article 2
In the case referred to in Article 15 (2) of Regulation
(EEC) No 1068/93, the agricultural conversion rate fixedin advance shall be replaced by the ecu rate for thecurrency concerned, shown in Annex II:
¾Table A, where the latter rate is higher than the rate
fixed in advance,
¾Table B, where the latter rate is lower than the rate
fixed in advance.
Article 3
Regulation (EC) No 550/98 is hereby repealed.
Article 4
This Regulation shall enter into force on 14 March 1998.
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 13 March 1998.
For the Commission
Franz FISCHLER
Member of the Commission
(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 72, 11. 3. 1998, p. 15.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
EN OfficialJournaloftheEuropeanCommunities 14.3.98 L77/27
ANNEXI
Agriculturalconversionrates
ECU1= 40,9321 Belgianand
Luxembourgfrancs
7,54917 Danishkroner
1,98243 Germanmarks
312,979 Greekdrachmas
202,528 Portugueseescudos
6,68769 Frenchfrancs
6,02811 Finnishmarks
2,23273 Dutchguilders
0,796521Irishpunt
1973,93 Italianlire
13,9485 Austrianschillings
167,836 Spanishpesetas
8,79309 Swedishkroner
0,695735Poundsterling
ANNEXII
Agriculturalconversionratesfixedinadvanceandadjusted
TableA TableB
ECU1= 39,3578 Belgianand
LuxembourgfrancsECU1= 42,6376 Belgianand
Luxembourgfrancs
7,25882 Danishkroner 7,86372 Danishkroner
1,90618 Germanmarks 2,06503 Germanmarks
300,941 Greekdrachmas 326,020 Greekdrachmas
194,738 Portugueseescudos 210,967 Portugueseescudos
6,43047 Frenchfrancs 6,96634 Frenchfrancs
5,79626 Finnishmarks 6,27928 Finnishmarks
2,14686 Dutchguilders 2,32576 Dutchguilders
0,765886Irishpunt 0,829709Irishpunt
1898,01 Italianlire 2056,18 Italianlire
13,4120 Austrianschillings 14,5297 Austrianschillings
161,381 Spanishpesetas 174,829 Spanishpesetas
8,45489 Swedishkroner 9,15947 Swedishkroner
0,668976Poundsterling 0,724724Poundsterling