20.5.93 OfficialJournaloftheEuropean Communities NoL124/45
COMMISSION REGULATION (EEC)No1239/93
of19May1993
fixingtheagricultural conversion rates
advanceshallbeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operativeeventapplicable forthecurrencyconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified,
HASADOPTED THISREGULATION :
Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ,
HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),andinparticularArticle3
(1)thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EEC)No1209/93(2);
WhereasArticle4(3)ofRegulation (EEC)No3813/92
stipulatesthatif,overareferenceperiod,theabsolute
valueofthedifferenceinthegapsbetweenthecurrencies
ofanytwoMemberStatesexceedsfourpoints,anymone­
tarygapsfortheMemberStatesconcerned thatexceed
twopointsshallimmediately bereducedtotwopoints;
whereas,inArticle1(f)ofRegulation (EEC)No3813/92,
theterm'monetarygap'isdefinedasthepercentage of
theagricultural conversion raterepresenting thediffe­
rencebetweenthatrateandtherepresentative market
rate;
Whereastherepresentative marketratesaredetermined
onthebasisofreferenceperiodsdetermined inaccord­
ancewithCommission Regulation (EEC)No1068/93of
30April1993ondetailedrulesfordetermining and
applyingtheagricultural conversion rates(3);
Whereas,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod18to20May1993,itis
necessarytofixanewagricultural conversion rateforthe
ItalianliraandtheSpanishpeseta;
WhereasArticle15(2)ofRegulation (EEC)No1068/93
providesthatanagricultural conversion ratefixedinArticle2
InthecasereferredtoinArticle15(2)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Article3
ThisRegulation shallenterintoforceon21May1993.
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,19May1993.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
(')OJNoL387,31.12.1992,p.1.0OJNoL122,18.5.1993,p.41.
OOJNoL108,1.5.1993,p.106.

NoL124/46 OfficialJournaloftheEuropeanCommunities 20.5.93
ANNEXI
Agricultural conversion rates
ECU1-48,5563 Belgianand
Luxembourg francs
8,97989 Danishkroner
2,35418 Germanmarks
314,412 Greekdrachmas
176,451 Spanishpesetas
7,89563 Frenchfrancs
0,957268 Irishpunt
2194,16 Italianlire
2,65256 Dutchguilders
222,758 Portuguese escudos
0,964017 Poundsterling
ANNEXII
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=46,6888 Belgianand ECU1=50,5795 Belgianand
Luxembourg francs Luxembourg francs
8,63451 Danishkroner 9,35405 Danishkroner
2,26363 Germanmarks 2,45227 Germanmarks
302,319 Greekdrachmas 327,513 Greekdrachmas
169,664 Spanishpesetas 183,803 Spanishpesetas
7,59195 Frenchfrancs 8,22461 Frenchfrancs
0,920450 Irishpunt 0,997154 Irishpunt
2109,77 Italianlire 2285,58 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
214,190 Portuguese escudos 232,040 Portuguese escudos
0,926939 Poundsterling 1,00418 Poundsterling