EN Official Journal of the European Communities 11. 2. 98 L 37/22
COMMISSION REGULATION (EC) No 332/98
of 10 February 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 270/98 (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) No1068/93 of 30 April 1993 on detailed rules for deter-mining and applying the agricultural conversion rates (
4),
as last amended by Regulation (EC) No 1482/96 (5);
whereas paragraph 2 of that Article provides that, in caseswhere the absolute value of the difference between themonetary gaps in two Member States, calculated from theaverage of the ecu rates for three consecutive quotationdays, exceeds six points, the representative market ratesare to be adjusted on the basis of the three quotation daysin question;
Whereas, as a consequence of the exchange rates
recorded from 1 to 10 February 1998, it is necessary to fixa new agricultural conversion rate for the Swedish crown;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 270/98 is hereby repealed.
Article 4
This Regulation shall enter into force on 11 February
1998.
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 10 February 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 25, 31. 1. 1998, p. 79.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
EN Official Journal of the European Communities 11. 2. 98 L 37/23
ANNEX I
Agricultural conversion rates
ECU 1= 40,9321 Belgian and
Luxembourg francs
7,54917 Danish kroner1,98243 German marks
312,011 Greek drachmas201,690 Portuguese escudos
6,68769 French francs6,02811 Finnish marks2,23273 Dutch guilders0,785663 Irish punt
1 973,93 Italian lire
13,9485 Austrian schillings
167,153 Spanish pesetas
8,76111 Swedish kroner0,695735 Pound sterling
ANNEX II
Agricultural conversion rates fixed in advance and adjusted
Table A Table B
ECU 1 = 39,3578 Belgian and
Luxembourg francsECU 1 = 42,6376 Belgian and
Luxembourg francs
7,25882 Danish kroner 7,86372 Danish kroner
1,90618 German marks 2,06503 German marks
300,011 Greek drachmas 325,011 Greek drachmas
193,933 Portuguese escudos 210,094 Portuguese escudos
6,43047 French francs 6,96634 French francs
5,79626 Finnish marks 6,27928 Finnish marks
2,14686 Dutch guilders 2,32576 Dutch guilders
0,755445 Irish punt 0,818399 Irish punt
1 898,01 Italian lire 2 056,18 Italian lire
13,4120 Austrian schillings 14,5297 Austrian schillings
160,724 Spanish pesetas 174,118 Spanish pesetas
8,42414 Swedish kroner 9,12616 Swedish kroner
0,668976 Pound sterling 0,724724 Pound sterling