1.3.88 NoL54/25 OfficialJournaloftheEuropeanCommunities
COMMISSION REGULATION (EEC)No548/88
of29February1988
fixingtheaidforcotton
Whereas,iftheworldmarketpriceforunginnedcotton
cannotbedeterminedasdescribedabove,thispriceshall
beestablishedonthebasisofthemostrecentpricedeter­
mined;
Whereastheworldmarketpriceforunginnedcottonis
equaltothesumofthevaluesforginnedcottonand
cottonseeddefinedinArticle1ofCommissionRegula­
tion(EEC)No2183/81of30July1981layingdownrules
implementing thesystemofaidforcotton(*),aslast
amendedbyRegulation(EEC)No505/88f),minusthe
costofginning;
Whereastheabovevaluesareestablishedonthebasisof
thepricesdeterminedinaccordancewithArticles2and3
ofCommissionRegulation(EEC)No2183/81;whereas
theworldmarketpriceisdeterminedonthebasisofthe
mostfavourableoffersandquotationsrecorded,excluding
offersandquotationswhichcannotberegardedasrepre­
sentativeoftherealmarkettrend;
Whereasthenecessaryadjustmentsmustbemadeincases
wheretheoffersandquotationsrecordeddonotsatisfy
therequirementsindicatedabove;
Whereas,underArticle4(4)ofRegulation(EEC)No
2169/81,iftherearenosuitableoffersorquotationsfor
determiningtheworldmarketpriceforcottonseed,that
priceshallbeestablishedonthebasisofthemost
favourableoffersandquotationsforcottonseedrecorded
ontheCommunitymarketor,ifthoseoffersandquota­
tionscannotbeestablishedonthebasisofthevalueof
theproductsobtainedfromprocessingtheseedinthe
Community,lesstheprocessingcost;whereasthisvalue
isdeterminedinaccordancewithArticle4ofRegulation
(EEC)No2183/81;
Whereas,ifthesubsidysystemistooperatenormally,
subsidiesshouldbecalculatedonthefollowingbasis:THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity,
HavingregardtotheActofAccessionofSpainand
Portugal,
HavingregardtotheActofAccessionofGreece,andin
particularparagraphs3and10ofProtocol4oncotton
annexedthereto,asamendedbyProtocol14annexedto
theActofAccessionofSpainandofPortugal,andRegu­
lation(CEE)No4006/87('),
HavingregardtoCouncilRegulation(EEC)No2169/81
of27July1981layingdownthegeneralrulesforthe
systemofaidforcotton(2),aslastamendedbyRegulation
(EEC)No2276/87(3),andinparticularArticle5(1)
thereof,
HavingregardtotheopinionoftheMonetaryCommittee,
Whereas,underArticle5ofRegulation(EEC)No
2169/81,aidmustbegrantedforunginnedcotton
harvestedintheCommunitywhentheworldmarket
priceforunginnedcottonisbelowtheguideprice;
Whereastheaidisequaltothedifferencebetweenthese
twoprices;
Whereastheguidepriceforthe1987/88marketingyear
wasfixedbyCouncilRegulation(EEC)No1966/87(4);
Whereas,underthesystemofmaximumguaranteed
quantities,theamountoftheaidissubjecttothereduc­
tionprovidedforinCommissionRegulation(EEC)No
2619/87(*)asregardscottonseed;
Whereastheworldmarketpriceforunginnedcottonis
determinedperiodicallyondiebasisoftheworldmarket
pricesrecordedforginnedcottonandcottonseed,taking
intoaccounttheestimatedyieldoftheCommunity
harvestincottonseedandinginnedcottonandalsothe
netcostofginning;
Whereastheworldmarketpriceforginnedcottonand
cottonseedisdeterminedinaccordancewithArticle4of
Regulation(EEC)No2169/81;—inthecaseofcurrencieswhicharemaintainedinrela­
tiontoeachotheratanygivenmomentwithinaband
of2,25%,arateofexchangebasedontheircentral
rate,multipliedbythecorrectivefactorprovidedforin
thelastparagraphofArticle3(1)ofCouncilRegula­
tion(EEC)No1676/85(*),aslastamendedbyRegula­
tion(EEC)No1636/87Q,
(■)OJNoL377,31.12.1987,p.48.0OJNoL211,31.7.1981,p.2.
(3)OJNoL209,31.7.1987,p.5.MOJNoL211,31.7.1981,p.35.
(<)OJNoL184,3.7.1987,p.18.«OJNoL248,1.9.1987,p.18.0OJNoL52,26.2.1988,p.18.
d)OJNoL164,24.6.1985,p.1.0OJNoL153,13.6.1987,p.1.

NoL54/26 OfficialJournaloftheEuropeanCommunities1.3.88
HASADOPTEDTHISREGULATION :
Article1—forothercurrencies,anexchangeratebasedonthe
arithmeticmeanofthespotmarketratesofeachof
thesecurrenciesrecordedoveragivenperiodinrela­
.tiontothe'Communitycurrenciesreferredtointhe
previousindent,andtheaforesaidcoefficient;
Whereastheaidmustbefixedonceamonth,andinsuch
awaythatitcanbeappliedfromthefirstdayofthe
monthfollowingthedateoffixing;whereasitmaybe
alteredbetweenfixings;
Whereasitfollowsfromapplyingtheseprovisionstothe
offersandquotationsknowntotheCommissionthatthe
aidforcottonshouldbeassetoutinthisRegulation,TheaidforunginnedcottonprovidedforinArticle5of
Regulation(EEC)No2169/81shallbe65,956ECUper
100kilograms.
Article2
ThisRegulationshallenterintoforceon1March1988.
ThisRegulationshallbebindinginitsentiretyanpdirectlyapplicableinallMember
States.
DoneatBrussels,29February1988.
FortheCommission
FransANDRIESSEN
Vice-President