NoL268/6 OfficialJournaloftheEuropeanCommunities 3.10.74
REGULATION (EEC)No2498/74OFTHECOUNCIL
of2October 1974
fixingrepresentative conversion ratestobeappliedinagriculture forthecurren­
ciesofthenewMember States
measuresprovidedforshouldbeadoptedsubjectto
theprovisions ofArticle3(2)ofRegulation No129,THECOUNCIL OFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ;
HavingregardtoCouncilRegulation No129(J)on
thevalueoftheunitofaccountandtheexchange
ratestobeappliedforthepurposesofthecommon
agricultural policy,aslastamended byRegulation
(EEC)No2543/73(2),andinparticular Article3
thereof;
HavingregardtotheproposalfromtheCommission ;
HavingregardtotheOpinionoftheEuropeanParlia­
ment;
WhereasRegulation (EEC)No222/73(3),asamended
byRegulation (EEC)No560/73(4),andRegulation
(EEC)No270/73(5),asamendedbyRegulation (EEC)
No657/73(6),fixedconversion ratestobeappliedin
agriculture forthecurrencies ofthenewMember
States;
Whereas theserateswerefixedwiththeaimof
reflectingeconomic realitiesascloselyaspossible ;
whereasthisaimisnolongerbeingachievedinthe
caseoftheUnitedKingdom andIrishcurrencies ;
whereastheconversion ratesactuallyrecordedfor
thesetwocurrencies onexchangemarketshavesince
shownasignificant depreciation ;
WhereasitisintheCommunity 'sinteresttoreturnto
asinglepricesystem ;whereasthisaimcanbe
furtheredbyfixingforeachofthetwocurrencies in
questionanewrepresentative ratewhichmoreclosely
reflectscurrenteconomic realities ;
Whereastheproblemsraisedbyanyalteration ofthe
relationship betweentheunitofaccountanda
nationalcurrencyhaveledtorulesbeingadoptedin
thematter,inparticularCouncilRegulation (EEC)No
1134/68(7)of30July1968layingdownrulesforthe
implementation ofRegulation (EEC)No653/68on
conditions foralterations tothevalueoftheunitof
accountusedforthecommonagricultural policy;
whereastheseprovisions dealonlywithalterations to
theparityofacurrency ;whereastheycouldalsobe
appliedinthepresentcaseofalterationinarepresen­
tativerate;
WhereastheMonetaryCommittee willbeconsulted
onthefixingpfthenewrepresentative ratesand
whereas,inviewoftheurgencyofthesituation ,theHASADOPTED THISREGULATION :
Article 1
1.Wheretransactions tobecarriedoutinpursu­
anceofinstruments relatingtothecommonagricul­
turalpolicy,orspecificruleslaiddownunderArticle
235oftheTreaty,requirethecurrencies ofthenew
MemberStatestobeexpressedinanothercurrencyor
inunitsofaccount,therateofexchangetobeapplied
fortheconversion ofpricesandotheramountsshall,
inderogation fromArticle2(1)ofRegulation No129,
bethatwhichcorresponds totherepresentative rates
forthecurrencies ofthoseMember States.
2.Therepresentative ratesreferredtoinparagraph
1shallbe:
(a)fortheDanishKroner :
thecentralrateforthatcurrency ;
(b)fortheIrishpound:
£1Irish=1-9485unitsofaccount ;
(c)forthepoundsterling :
£1sterling=2-0053unitsofaccount .
Article2
Theprovisions ofRegulation ,(EEC)No1134/68
regarding thealteration oftherelationship between
theparityofthecurrencyofaMemberStateandthe
valueoftheunitofaccountshallapplyinrespectof
alterations totherepresentative ratesfortheIrish
poundandthepoundsterling.
Article3
Regulation (EEC)No222/73shallberepealed .
Article4
1.ThisRegulation shallenterintoforceon7
October 1974.
2.Therepresentative rateshallceasetobeappli­
cabletothecurrencyofanyoftheMemberStates
referredtoinArticle 1assoonasthatStatecommuni­
catesanewparitytotheInternational MonetaryFund.(■)OJNo106,30.10.1962,p.2553/62.
(2).OJNoL263,19.9.1973,p.1.
(3)OJNoL27,1.2.1973,p.4.
(4)OJNoL55,28.2.1973,p.5.
(5)OJNoL30,1.2.1973,p.77.
(b)OJNoL62,8.3.1973,p.15.
(7)OJNoL188,1.8.1968,p.1.

3.10.74 OfficialJournaloftheEuropeanCommunities NoL268/7
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatLuxembourg ,2October1974.
FortheCouncil
ThePresident
Ch.BONNET