NoL279/6 OfficialJournaloftheEuropeanCommunities5.10.73
REGULATION (EEC)No2703/73OFTHECOMMISSION
of4October1973
fixingthecorrectiveamountapplicabletotherefundoncereals
THECOMMISSION OFTHEEUROPEAN
COMMUNITIES ,whereasthecifforwarddeliverypriceisthatdeter­
minedinaccordancewithArticle3(2)ofRegulation
No140/67/EEC(5),asamendedbyRegulation (EEC)
No2435/70(6),based,inrespectofeachmonthfor
whichtheexportlicenceisvalid,onthecifprice
calculatedonthebasisofoffersforshipmentduring
themonthofexportation ;HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ;
HavingregardtoCouncilRegulationNo120/
67/EEC(')of13June1967onthecommonorganiza­
tionofthemarketincereals,aslastamendedbyRegu­
lation(EEC)No1346/73(2),andinparticularthe
thirdsentenceofthefirstsubparagraph ofArticle16
(4)thereof;Whereasthecorrectiveamountsofixedwillbealtered
ifapplicationofthecalculationproceduredescribed
aboveentailsachangeinthatamountofmorethan
0-125unitofaccount;
HavingregardtotheOpinionoftheMonetary
Committee ;Whereas,however,Article2ofRegulationNo633/
67/EECprovidesthatthecorrectiveamountappli­
cabletotheamountoftherefundfixedinadvanceon
exportstobeeffectedafterthethirdmonthfollowing
thatduringwhichthelicencewasissuedshouldbe
fixedonthebasisofforeseeablemarkettrends;
whereastothisendaccountshouldbetakenofavail­
abilitiesandforeseeabletrendsontheCommunity
marketandofforwardtrendsontheworldmarket,in
particularonthosemarketswhosespecificrequire­
mentshavemadeitnecessarytovarytherefund;WhereasArticle16(4)ofRegulationNo120/67/EEC
providesthattheexportrefundapplicabletocereals
onthedayonwhichapplicationforanexportlicence
ismade,adjustedforthethresholdpriceinforce
duringthemonthofexportation,mustbeappliedon
requesttoexportstobeeffectedduringtheperiodof
validityoftheexportlicence;whereas,inthiscase,a
correctiveamountmustbeappliedtotherefund;
Whereas,iftherefundsystemistooperatenormally,
refundsshouldbecalculatedonthefollowingbasis:WhereasRegulationNo633/67/EEC(-'),aslast
amendedbyRegulation (EEC)No1461/72(4),lays
downdetailedrulesfortheadvancefixingofthe
expertrefundoncereals;inthecaseofcurrencieswhicharemaintainedin
relationtoeachother,atanygivenmoment,
withinabandof2-25%,arateofexchangebased
ontheireffectiveparity;
forothercurrenciesanexchangeratebasedonthe
arithmeticmeanofthespotmarketratesofeach
ofthesecurrenciesrecordedforagivenperiod,in
relationtotheCommunitycurrenciesreferredto
intheprevioussubparagraph ;WhereasthatRegulationprovidesthattherefund
applicableonthedayonwhichapplicationforan
exportlicenceismademust,whentherefundisfixed
inadvance,bereducedbynotmorethatthediffer­
encebetweenthecifforwarddeliverypriceandthecif
pricewheretheformerexceedsthelatterbymore
thanoneunitofaccountpermetricton;whereas,on
theotherhand,therefundmustbeincreasedbynot
morethanthedifferencebetweenthecifpriceand
thecifforwarddeliverypricewheretheformer
exceedsthelatterbymorethanoneunitofaccount
permetricton;Whereasitfollowsfromapplyingalltheseprovisions
thatthecorrectiveamountmustbefixedasshownin
theTableannexedtothisRegulation ;
Whereasthecifpriceisthatdeterminedinaccor­
dancewithArticle13ofRegulationNo120/67/EECWhereasthemeasuresprovidedtorinthisRegulation
areinaccordancewiththeOpinionoftheManage­
mentCommittee forCereals;
(')O)No117 ,19.6.1967 ,p.2269 /67.
(-)O)NoL141 ,28 .5.197.?,p.S.
(-1)OJNo233 ,28.9.1967 ,p.9.
(•*)0*|NoL155 ,11.7 .1972 ,p.35.(>)O)No 125,26.6.1967 ,p.2456 /67
(")OJNoL262 ,3.12.1970 ,p.3.

5.10.73 OfficialJournaloftheEuropeanCommunitiesNoL279/7
herebyfixedasshownintheTableannexedtothis
Regulation .
Artide2
ThisRegulationshallenterintoforceon5October
1973.HASADOPTEDTHISREGULATION :
Article/
ThecorrectiveamountreferredtoinArticle16(4)of
RegulationNo120/67/EECwhichisapplicableto
exportrefundsfixedinadvanceinrespectofcerealsis
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,4October1973.
/•ortheCommission
P.J.LARDINOIS
MemberoftheCommission
ANNEX
totheCommissionRegulationof4October1973fixingthecorrectiveamountapplicable
totherefundoncereals
(u.a./ton)
CCT
heading
NoDescriptionofgoodsCurrent
101st
period
112nd
period
123rd
period
14th
period
25th
period
36th
period
4
10.01A
10.01B
10.02
10.03
10.04
10.05B
10.07CCommonwheat,andmes­
lin
Durumwheat
Rye
Barley
Oats
Maizeotherthanhybrid
maizeforsowing
Grainsorghum