NoL94/8 EN OfficialJournaloftheEuropeanCommunities 16.4.96
COMMISSION REGULATION (EC)No677/96
of15April1996
fixingtheagricultural conversion rates
advanceistobeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operative eventapplicable fortheamountconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified ,THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Community ,
HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),aslastamendedbyRegu­
lation(EC)No150/95(2),andinparticularArticle3(1)
thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EC)No640/96(3);
WhereasArticle4ofRegulation (EEC)No3813/92
providesthat,subjecttoconfirmation periodsbeingtrig­
gered,theagricultural conversion rateforacurrencyisto
beadjustedwherethemonetarygapbetweenitandthe
representative marketrateexceedscertainlevels;
Whereastherepresentative marketratesaredetermined
onthebasisofbasicreferenceperiodsor,whereappli­
cable,confirmation periods,established inaccordance
withArticle2ofCommission Regulation (EEC)No
1068/93of30April1993ondetailedrulesfordeter­
miningandapplyingtheagricultural conversion rates(4),
aslastamended byRegulation (EC)No2853/95Q;
whereasparagraph 2ofthatArticleprovidesthat,incases
wheretheabsolute valueofthedifference between the
monetarygapsintwoMemberStates,calculated fromthe
averageoftheecuratesforthreeconsecutive quotation
days,exceedssixpoints,therepresentative marketrates
aretobeadjustedonthebasisofthethreequotation days
inquestion ;
Whereas ,asaconsequence oftheexchangeratesrecorded
from11to15April1996,itisnecessarytofixanewagri­
culturalconversion ratefortheFinnishmarkka;
WhereasArticle15(2)ofRegulation (EEC)No1068/93
providesthatanagricultural conversion ratefixedinHASADOPTED THISREGULATION :
Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Article 2
InthecasereferredtoinArticle15(3)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance ,
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Article3
Regulation (EC)No640/96isherebyrepealed .
Article4
ThisRegulation shallenterintoforceon16April1996.
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,15April1996.
FortheCommission
FranzFISCHLER
MemberoftheCommission
(')OJNoL387,31.12.1992,p.1.
(2)OJNoL22,31.1.1995,p.1.
(3)OJNoL90,16.4.1996,p.25.
(4)OJNoL108,1.5.1993,p.106.
Is)OJNoL299,12.12.1995,p.1.

16.4.96fENl OfficialJournaloftheEuropean Communities NoL94/9
ANNEXI
Agricultural conversion rates
ECU1=39,5239
7,49997
1,90616
311,761
198,202
6,61023
5,95530
2,14021
0,829498
2096,38
13,4084
165,198
8,93762
0,856563Belgianand
Luxembourg francs
Danishkroner
German marks
Greekdrachmas
Portuguese escudos
Frenchfrancs
Finnishmarks
Dutchguilders
Irishpunt
Italianlire
Austrianschillings
Spanishpesetas
Swedishkroner
Poundsterling
ANNEXII
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=38,0038 Belgianand ECU1=41,1707 Belgianand
Luxembourg francs Luxembourg francs
7,21151 Danishkroner 7,81247 Danishkroner
1,83285 German marks 1,98558 German marks
299,770 Greekdrachmas 324,751 Greekdrachmas
190,579 Portuguese escudos 206,460 Portuguese escudos
6,35599 Frenchfrancs 6,88566 Frenchfrancs
5,72625 Finnishmarks 6,20344 Finnishmarks
2,05789 Dutchguilders 2,22939 Dutchguilders
0,797594 Irishpunt 0,864060 Irishpunt
2015,75 Italianlire 2183,73 Italianlire
12,8927 Austrianschillings 13,9671 Austrianschillings
158,844 Spanishpesetas 172,081 Spanishpesetas
8,59387 Swedishkroner 9,31002 Swedishkroner
0,823618 Poundsterling 0,892253 Poundsterling