NoL180/28 OfficialJournaloftheEuropeanCommunities 14.7.94
COMMISSION REGULATION (EC)No1711/94
of13July1994
fixingtheagricultural conversion rates
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,Whereas,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod11to13July1994,itis
necessaryontheonehandtofixthelimitsreferredtoin
paragraphs 1and3ofArticle4aofRegulation (EEC)
No3813/92at+3,288and—1,712andontheother
handtofixanewagricultural conversion rateforthe
poundsterling;HavingregardtotheTreatyestablishing theEuropean
Community ,
HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),aslastamendedbyRegu­
lation(EC)No3528/93(2),andinparticularArticle3(1)
thereof,WhereasArticle15(3)ofRegulation (EEC)No1068/93
providesthatanagricultural conversion ratefixedin
advanceshallbeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operativeeventapplicable forthecurrencyconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified ,Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EC)No1585/94(3);
WhereasArticle4ofRegulation (EEC)No3813/92
providesthattheagricultural conversion rateforafloating
currency istobeadjustedwherethemonetary gap
betweenitandtherepresentative marketrateexceeds
certainlevels;whereas,notwithstanding thatArticle4,
Article4aofthatRegulation appliesuntil31December
1994;HASADOPTED THISREGULATION :
Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.Whereas,however,Article2ofRegulation (EEC)
No1068/93providesthat,incaseswheretheabsolute
valueofthedifference betweenthemonetarygapsintwo
MemberStates,calculated fromtheaverageontheecu
ratesforthreeconsecutive workingdays,exceedssix
points:
—therepresentative marketratesforthecurrencies in
questionshallbeadjustedonthebasisofthethree
workingdaysinquestion,
and
—thebasicreferenceperiodconcerned beginstheday
followingthesethreeworkingdays;Article 2
InthecasereferredtoinArticle15(3)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
or
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Whereastherepresentative marketratesaredetermined
onthebasisofreferenceperiodsestablished inaccord­
ancewithCommission Regulation (EEC)No1068/93of
30April1993ondetailedrulesfordetermining and
applyingtheagricultural conversion rates(4),asamended
byRegulation (EC)No547/94(*);Article3
Regulation (EC)No1585/94isherebyrepealed .
(')OJNoL387,31.12.1992,p.1.
2)OJNoL320,22.12.1993,p.32. Article4
ThisRegulation shallenterintoforceon14July1994.(3)OJNoL167,1.7.1994,p.3.
(4)OJNoL108,1.5.1993,p.106.0OJNoL69,12.3.1994,p.1.

14.7.94 OfficialJournaloftheEuropeanCommunities NoL180/29
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,13July1994.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
ANNEXI
Agricultural conversion rates
ECU1=49,3070 Belgianand
Luxembourg francs
9,34812 Danishkroner
2,35418 Germanmarks
346,789 Greekdrachmas
192,319 Spanishpesetas
7,98191 Frenchfrancs
0,976426 Irishpunt
2274,93 Italianlire
2,65256 Dutchguilders
239,331 Portuguese escudos
0,946550 Poundsterling
ANNEXII
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=47,4106 Belgianand ECU1=51,3615 Belgianand
Luxembourg francs Luxembourg francs
8,98858 Danishkroner 9,73763 Danishkroner
2,26363 Germanmarks 2,45227 Germanmarks
333,451 Greekdrachmas 361,239 Greekdrachmas
184,922 Spanishpesetas 200,332 Spanishpesetas
7,67491 Frenchfrancs 8,31449 Frenchfrancs
0,938871 Irishpunt 1,01711 Irishpunt
2187,43 Italianlire 2369,72 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
230,126 Portuguese escudos 249,303 Portuguese escudos
0,910144 Poundsterling 0,985990 Poundsterling