15.2.97 IEN 1 OfficialJournaloftheEuropean Communities NoL45/37
COMMISSION REGULATION (EC)No277/97
of14February 1997
fixingtheagricultural conversion rates
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Community ,
HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),aslastamendedbyReg­
ulation(EC)No150/95(2),andinparticularArticle3(1)
thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EC)No229/97(3);
WhereasArticle4ofRegulation (EEC)No3813/92
providesthat,subjecttoconfirmation periodsbeingtrig­
gered,theagricultural conversion rateforacurrencyisto
beadjustedwherethemonetarygapbetweenitandthe
representative marketrateexceedscertainlevels;
Whereastherepresentative marketratesaredetermined
onthebasisofbasicreferenceperiodsor,whereapplic­
able,confirmation periods,established inaccordance with
Article2ofCommission Regulation (EEC)No1068/93of
30April1993ondetailedrulesfordetermining and
applying theagricultural conversion rates(4),aslast
amended byRegulation (EC)No1482/96(*);whereas
paragraph 2ofthatArticleprovidesthat,incaseswhere
theabsolutevalueofthedifference betweenthemonetary
gapsintwoMemberStates,calculated fromtheaverageof
theecuratesforthreeconsecutive quotation days,exceeds
sixpoints,therepresentative marketratesaretobe
adjustedonthebasisofthethreequotation daysinques­
tion;
Whereas ,asaconsequence oftheexchangeratesrecorded
from7to16February1997,itisnecessary tofixanew
agricultural conversion ratefortheBelgianfranc,German
mark,AustrianschillingandSpanishpeseta;WhereasArticle15(2)ofRegulation (EEC)No1068/93
providesthatanagricultural conversion ratefixedin
advanceistobeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operativeeventapplicable fortheamountconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified ,
HASADOPTED THISREGULATION :
Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Article2
InthecasereferredtoinArticle15(3)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance ,
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Article3
Regulation (EC)No229/97isherebyrepealed .
Article4
ThisRegulation shallenterintoforceon17February
1997.
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels ,14February 1997.
FortheCommission
FranzFISCHLER
MemberoftheCommission
(')OJNoL387,31.12.1992,p.1.
(2)OJNoL22,31.1.1995,p.1.4OJNoL37,7.2.1997,p.7.
(4)OJNoL108,1.5.1993,p.106.
OOJNoL188,27.7.1996,p.22.

NoL45/38lEN] OfficialJournaloftheEuropeanCommunities 15.2.97
ANNEXI
Agricultural conversion rates
ECU1 40,3225
7,49997
1,95431
311,761
198,202
6,61023
6,02811
2,19514
0,778173
1973,93
13,7526
165,442
8,69363
0,768177Belgianand
Luxembourg francs
Danishkroner
German marks
Greekdrachmas
Portuguese escudos
Frenchfrancs
Finnishmarks
Dutchguilders
Irishpunt
Italianlire
Austrianschillings
Spanishpesetas
Swedishkroner
Poundsterling
ANNEX II
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=38,7716 Belgianand ECU1=42,0026 Belgianand
Luxembourg francs Luxembourg francs
7,21151 Danishkroner 7,81247 Danishkroner
1,87914 German marks 2,03574 German marks
299,770 Greekdrachmas 324,751 Greekdrachmas
190,579 Portuguese escudos 206,460 Portuguese escudos
6,35599 Frenchfrancs 6,88566 Frenchfrancs
5,79626 Finnishmarks 6,27928 Finnishmarks
2,11071 Dutchguilders 2,28660 Dutchguilders
0,748243 Irishpunt 0,810597 Irishpunt
1898,01 Italianlire 2056,18 Italianlire
13,2237 Austrianschillings 14,3256 Austrianschillings
159,079 Spanishpesetas 172,335 Spanishpesetas
8,35926 Swedish kroner 9,05586 Swedish kroner
0,738632 Poundsterling 0,800184 Poundsterling