‹ ‹ EN Official Journal of the European Communities L 15/12 21. 1. 98
COMMISSION REGULATION (EC) No 137/98
of 20 January 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 41/98 (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 applic-able, confirmation periods, established in accordance withArticle 2 of Commission Regulation (EEC) No 1068/93 of30 April 1993 on detailed rules for determining andapplying the agricultural conversion rates (
4), as last
amended by Regulation (EC) No 1482/96 (5); whereas
paragraph 2 of that Article provides that, in cases wherethe absolute value of the difference between the monetarygaps in two Member States, calculated from the average ofthe ecu rates for three consecutive quotation days, exceedssix points, the representative market rates are to beadjusted on the basis of the three quotation days inquestion;
Whereas, as a consequence of the exchange rates recorded
from 11 to 20 January 1998, it is necessary to fix a newagricultural conversion rate for the Portuguese escudo;
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 and
the 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:
—Table A, where the latter rate is higher than the rate
fixed in advance,
—Table B, where the latter rate is lower than the rate
fixed in advance.
Article 3
Regulation (EC) No 41/98 is hereby repealed.
Article 4
This Regulation shall enter into force on 21 January
1998.
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 20 January 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 5, 9. 1. 1998, p. 18.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
‹ ‹ EN OfficialJournaloftheEuropeanCommunities L15/13 21.1.98
ANNEXI
Agriculturalconversionrates
ECU1= 40,9321 Belgianand
Luxembourgfrancs
7,54917 Danishkroner
1,98243 Germanmarks
312,011 Greekdrachmas
201,690 Portugueseescudos
6,68769 Frenchfrancs
6,02811 Finnishmarks
2,23273 Dutchguilders
0,785663Irishpunt
1973,93 Italianlire
13,9485 Austrianschillings
167,153 Spanishpesetas
8,68510 Swedishkroner
0,695735Poundsterling
ANNEXII
Agriculturalconversionratesfixedinadvanceandadjusted
TableA TableB
ECU1= 39,3578 Belgianand
Luxembourgfrancs
7,25882 Danishkroner
1,90618 Germanmarks
300,011 Greekdrachmas
193,933 Portugueseescudos
6,43047 Frenchfrancs
5,79626 Finnishmarks
2,14686 Dutchguilders
0,755445Irishpunt
1898,01 Italianlire
13,4120 Austrianschillings
160,724 Spanishpesetas
8,35106 Swedishkroner
0,668976PoundsterlingECU1= 42,6376 Belgianand
Luxembourgfrancs
7,86372Danishkroner
2,06503Germanmarks
325,011 Greekdrachmas
210,094 Portugueseescudos
6,96634Frenchfrancs
6,27928Finnishmarks
2,32576Dutchguilders
0,818399Irishpunt
2056,18 Italianlire
14,5297 Austrianschillings
174,118 Spanishpesetas
9,04698Swedishkroner
0,724724Poundsterling