1.2.73 OfficialJournaloftheEuropean Communities NoL30/77
REGULATION (EEC)No270/73OFTHECOMMISSION
of31January1973
ontheexchangeratetobeappliedinagriculture forthecurrencies ofthenewMember
States
Whereas ,themeasureprovidedforinthisRegula­
tion,relatingtopricesoramountstobefixedinac­
cordancewiththeprocedure laiddowninArticle26
ofCouncilRegulation No120/67/EEC(3)of13
June1967onthecommonorganization ofthemar­
ketincereals,orinthecorresponding Articlesofthe
otherRegulations onthecommonorganization of
agricultural markets ,areinaccordance withthe
OpinionsoftheManagement Committees setupas
partofthecommonagricultural policies ;
HASADOPTED THISREGULATION :
Article1THECOMMISSION OFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuro­
peanEconomic Community ;
HavingregardtoCouncilRegulation No129(*)on
thevalueoftheunitofaccountandtheexchange
ratestobeappliedforthepurposesofthecommon
agricultural policy,asamendedbyRegulation (EEC)
No653/68(2),andinparticular Article3(1)thereof;
HavingregardtotheOpinionoftheMonetary Com­
mittee;
Whereasthesituationenvisaged inArticle3(1)of
Regulation No129,permitting measures which
derogatefromtheprincipleofparitiesforconverting
onecurrencyintoanother,nowarisesinthenew
MemberStates;
Whereasthecommonagricultural policyistobe
appliedinthoseMemberStatesfrom1February
1973inaccordance withtransitional measures
whichare,ingeneral,basedonapriceleveldifferent
fromthecommonpricelevelandonprogressive
alignmenttowardsthatcommonpricelevel;whereas
conversion ratesshouldtherefore beapplied
whicharenotbasedonparitiesbutaremoreinline
witheconomic realities ;
Whereas ,inthesecircumstances ,theconversion rate
forDenmark shouldbethecentralrateforDanish
Kroner ;whereasforIrelandandtheUnitedKing­
dom,however,arepresentative rateshouldbeused
calculated byreferencetothearithmetical averageof
themiddleratesontheexchange marketsofthe
countriesconcerned atmiddayduringthefirsttwo
weeksofJanuary1973;
Whereaspowertofixpricesandcertainamounts is
vestedintheCommission ,actingontheOpinionof
therelevantManagement Committee ,underActsre­
latingtothecommonagricultural policyorunder
specificrulesmadeunderArticle235oftheTreaty;1.Wheretransactions tobecarriedoutinpursu­
anceofinstruments relatingtothecommonagricul­
turalpolicy,orspecificruleslaiddownunderArt­
icle235oftheTreaty,requirethecurrencies ofthe
newMemberStatestobeexpressed inanothercur­
rencyorinunitsofaccount,therateofexchangeto
beappliedfortheconversion ofpricesandother
amountsfixedbytheCouncilshall,inderogation
fromArticle2(1)ofRegulation No129,be:
(a)forDenmark ,thecentralrateforDanish
Kroner ;
(b)forIrelandandtheUnitedKingdom ,therepre­
sentative rateforthecurrencies ofthesetwo
MemberStates.
2.Therepresentative ratereferredtoinpara­
graph1(b)shallbe:
£lsterling=£lIrish=2-3499$US=2-1644units
ofaccount .
Article2
ThisRegulation shallenterintoforceontheday
ofitspublication intheOfficialJournalofthe
EuropeanCommunities .
Itshallceasetobeapplicable tothecurrencyof
anyoftheMemberStatesnamedinArticle 1as
soonassuchStatecommunicates anewparitytothe
International Monetary Fund.
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels ,31January1973.
FortheCommission
ThePresident
Francois-Xavier ORTOLI
(*)OJNo106,30.10.1962,p.2553/62.
(*)OJNoL123,31.5.1968,p.4. (3)OJNo117,19.6.1967,p.2269/67.