NoL101/10 OfficialJournaloftheEuropeanCommunities 27.4.93
COMMISSION REGULATION (EEC)No981/93
of26April1993
fixingtheagricultural conversion rates
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ,Whereas,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod22to26April1993,itis
necessarytofixanewagricultural conversion rateforthe
Italianlira,thepoundsterlingandtheSpanishpeseta;
WhereasArticle11(2)ofRegulation (EEC)No3819/92
providesthatanagricultural conversion ratefixedin
advanceshallbeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operativeeventapplicable forthecurrencyconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified ,HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),andinparticularArticle3
(1)thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EEC)No925/93(2);
HASADOPTED THISREGULATION :WhereasArticle4(3)ofRegulation (EEC)No3813/92
stipulatesthatif,overareferenceperiod,theabsolute
valueofthedifferenceinthegapsbetweenthecurrencies
ofanytwoMemberStatesexceedsfourpoints,anymone­
tarygapsfortheMemberStatesconcerned thatexceed
twopointsshallimmediately bereducedtotwopoints;
whereas,inArticle 1(f)ofRegulation (EEC)No3813/92,
theterm'monetarygap'isdefinedasthepercentage of
theagricultural conversion raterepresenting the
differencebetweenthatrateandtherepresentative market
rate;Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Whereastherepresentative marketratesaredetermined
onthebasisof22to26inaccordance withCommission
Regulation (EEC)No3819/92of28December 1992on
detailedrulesfordetermining andapplyingtheagricul­
turalconversion rates(3);Article2
InthecasereferredtoinArticle11(2)ofRegulation
(EEC)No3819/92,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
or
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .Whereas,however,Article2ofRegulation (EEC)
No3819/92providesthat,incaseswheretheabsolute
valueofthedifferencebetweenthemonetarygapsintwo
MemberStates,calculated fromtheaverageontheecu
ratesforthreeconsecutive workingdays,exceedssix
points:
—therepresentative marketratesforthecurrencies in
questionshallbeadjustedonthebasisofthethree
workingdaysinquestion,
and
—thebasicreferenceperiodconcerned beginstheday
followingthesethreeworkingdays;Article3
Regulation (EEC)No925/93isherebyrepealed .
(<)OJNoL387,31.12.1992,p.1.
(2)OJNoL95,21.4.1993,p.27.Article4
ThisRegulation shallenterintoforceon27April1993. (3)OJNoL387,31.12.1992,p.17.

27.4.93 OfficialJournaloftheEuropeanCommunities NoL101/11
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,26April1993.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
ANNEXI
Agricultural conversion rates
ECU1=48,5563
8,97989
2,35418
314,412
169,628
7,89563
0,957268
2264,05
2,65256
214,525
0,964017Belgianand
Luxembourg francs
Danishkroner
German marks
Greekdrachmas
Spanishpesetas
Frenchfrancs
Irishpunt
Italianlire
Dutchguilders
Portuguese escudos
Poundsterling
ANNEXII
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=46,6888 Belgianand ECU1=50,5795 Belgianand
Luxembourg francs Luxembourg francs
8,63451 Danishkroner 9,35405 Danishkroner
2,26363 Germanmarks 2,45227 Germanmarks
302,319 Greekdrachmas 327,513 Greekdrachmas
163,104 Spanishpesetas 176,696 Spanishpesetas
7,59195 Frenchfrancs 8,22461 Frenchfrancs
0,920450 Irishpunt 0,997154 Irishpunt
2176,97 Italianlire 2358,39 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
206,274 Portuguese escudos 223,464 Portuguese escudos
0,926939 Poundsterling 1,00418 Poundsterling