1.5.92 OfficialJournaloftheEuropeanCommunities NoL117/71
COMMISSION REGULATION (EEC)No1111/92
of30April1992
fixingtheaidforcotton
Whereastheworldmarketpriceforginnedcottonand
cottonseedisdeterminedinaccordancewithArticle4of
Regulation(EEC)No2169/81;
Whereas,iftheworldmarketpriceforunginnedcotton
cannotbedeterminedasdescribedabove,thispriceshall
beestablishedonthebasisofthemostrecentpricedeter­
mined;
Whereastheworldmarketpriceforunginnedcottonis
equaltothesumofthevaluesforginnedcottonand
cottonseeddefinedinArticle1ofCommissionRegula­
tion(EEC)No1201/89of3May1989layingdownrules
implementing thesystemofaidforcotton(4),aslast
amendedbyRegulation(EEC)No2756/91(*),minusthe
costofginning;
Whereastheabovevaluesareestablishedonthebasisof
thepricesdeterminedinaccordancewithArticles2and3
ofCommissionRegulation(EEC)No1201/89;whereas
theworldmarketpriceisdeterminedonthebasisofthe
mostfavourableoffersandquotationsrecorded,excluding
offersandquotationswhichcannotberegardedasrepre­
sentativeoftherealmarkettrend;
Whereasthenecessaryadjustmentsmustbemadeincases
wheretheoffersandquotationsrecordeddonotsatisfy
therequirementsindicatedabove;
Whereas,pursuanttoArticle4(4)ofRegulation(EEC)No
2169/81,iftherearenosuitableoffersorquotationsfor
determiningtheworldmarketpriceforcottonseed,that
priceshallbeestablishedonthebasisofthemost
favourableoffersandquotationsforcottonseedrecorded
ontheCommunitymarketor,ifthoseoffersandquota­
tionscannotbeestablishedonthebasisofthevalueof
theproductsobtainedfromprocessingtheseedinthe
Community,lesstheprocessingcost;whereasthisvalue
isdeterminedinaccordancewithArticle4ofRegulation
(EEC)No1201/89;
Whereas,ifthesubsidysystemistooperatenormally,
subsidiesshouldbecalculatedonthefollowingbasis:
—inthecaseofcurrencieswhicharemaintainedinrela­
tiontoeachotheratanygivenmomentwithinaband
of2,25%,arateofexchangebasedontheircentral
rate,multipliedbythecorrectivefactorprovidedforin
thelastparagraphofArticle3(1)ofCouncilRegula­
tion(EEC)No1676/85(6),aslastamendedbyRegula­
tion(EEC)No2205/900,THECOMMISSION OFTHEEUROPEANCOMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity,
HavingregardtotheActofAccessionofSpainand
Portugal,
HavingregardtotheActofAccessionofGreece,andin
particularparagraphs3and10ofProtocol4oncotton
annexedthereto,asamendedbyProtocol14annexedto
theActofAccessionofSpainandofPortugal,andRegu­
lation(EEC)No4006/87('),
HavingregardtoCouncilRegulation(EEC)No2169/81
of27July1981layingdownthegeneralrulesforthe
systemofaidforcotton(2),aslastamendedbyRegulation
(EEC)No791/89(3),andinparticularArticle5(1)thereof,
HavingregardtotheopinionoftheMonetaryCommittee,
Whereas,pursuanttoArticle5ofRegulation(EEC)No
2169/81,aidmustbegrantedforunginnedcotton
harvestedintheCommunitywhentheworldmarket
priceforunginnedcottonisbelowtheguideprice;
Whereastheaidisequaltothedifferencebetweenthese
twoprices;
Whereasintheabsenceoftheguidepriceforcotton
applicableduringthe1992/1993marketingyear,theaid
amountinthecaseofadvancefixingforthismarketing
yearhasonlybeencalculatedprovisionallyonthebasisof
theproposalsoftheCommissiontotheCouncilofthe
pricesvalidforthe1992/93marketingyear;whereasthat
amountmustbeappliedprovisionallyonlyandwillhave
tobeconfirmedorreplacedwhenthepriceforthe
1992/93marketingyearisknown;
Whereastheabatementofthesubsidywhicharises,where
appropriate,fromthesystemofmaximumguaranteed
quantitiesforthe1992/1993marketingyear,hasnot,to
date,beenfixed;whereastheamountofthesubsidyfor
the1992/1993marketingyearhasbeenprovisionally
calculatedonthebasisofanabatementofECU20,558
per100kilograms;
Whereastheworldmarketpriceforunginnedcottonis
determinedperiodicallyonthebasisoftheworldmarket
pricesrecordedforginnedcottonandcottonseed,taking
intoaccounttheestimatedyieldoftheCommunity
harvestincottonseedandinginnedcottonandalsothe
netcostofginning;
(')OJNoL377,31.12.1987,p.49.
(2)OJNoL211,31.7.1981,p.2.0OJNoL85,30.3.1989,p.7.(4)OJNoL123,4.5.1989,p.23.0OJNoL264,20.9.1991,p.21.f)OJNoL164,24.6.1985,p.1.0OJNoL201,31.7.1990,p.9.

NoL117/72 OfficialJournaloftheEuropeanCommunities1.5.92
—fortheothercurrencies,anexchangeratebasedonan
averageoftheecuratespublishedintheOfficial
JournaloftheEuropeanCommunities ,Cseries,over
aperiodtobedetermined,multipliedbythecoeffi­
cientreferredtointheprecedingindent;HASADOPTEDTHISREGULATION :
Article1
1.TheaidforunginnedcottonprovidedforinArticle
5ofRegulation(EEC)No2169/81shallbeECU62,218
per100kilograms.
2.However,theamountoftheaidwillbeconfirmedor
replacedwitheffectfrom1May1992totakeaccountof
theguidepriceofcottonadoptedinrespectofthe1992/
1993marketingyearandwhichappeartohavebeen
offeredinthelargestquantities.
Article2
ThisRegulationshallenterintoforceon1May1992.Whereastheaidmustbefixedonceamonth,andinsuch
awaythatitcanbeappliedfromthefirstdayofthe
monthfollowingthedateoffixing;whereasitmaybe
alteredbetweenfixings;
Whereasitfollowsfromapplyingtheseprovisionstothe
offersandquotationsknowntotheCommissionthatthe
aidforcottonshouldbeassetoutinthisRegulation,
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,30April1992.
FortheCommission
RayMACSHARRY
MemberoftheCommission