1.3.74 OfficialJournaloftheEuropeanCommunities NoL59/5
REGULATION (EEC)No486/74OFTHECOMMISSION
of28February1974
fixingthecorrectiveamountapplicabletotherefundoncereals
whereasthecifforwarddeliverypriceisthatdeter­
minedinaccordancewithArticle3(2)ofRegulation
No140/67/EEC(5),asamendedbyRegulation (EEC)
No2435/70(6),based,inrespectofeachmonthfor
whichtheexportlicenceisvalid,onthecifprice
calculatedonthebasisofoffersforshipmentduring
themonthofexportation ;
Whereasthecorrectiveamountsofixedwillbealtered
ifapplicationofthecalculationproceduredescribed
aboveentailsachangeinthatamountofmorethan
0-125unitofaccount;THECOMMISSION OFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ;
HavingregardtoCouncilRegulationNo120/
67/EEC(')of13June1967onthecommonorganiza­
tionofthemarketincereals,aslastamendedbyRegu­
lation(EEC)No1346/73(2),andinparticularthe
thirdsentenceofthefirstsubparagraph ofArticle16
(4)thereof;
HavingregardtotheOpinionoftheMonetary
Committee ;
WhereasArticle16(4)ofRegulationNo120/67/EEC
providesthattheexportrefundapplicabletocereals
onthedayonwhichapplicationforanexportlicence
ismade,adjustedforthethresholdpriceinforce
duringthemonthofexportation ,mustbeappliedon
requesttoexportstobeeffectedduringtheperiodof
validityoftheexportlicence;whereas,inthiscase,a
correctiveamountmustbeappliedtotherefund;
WhereasRegulationNo633/67/EEC(3),aslast
amendedbyRegulation (EEC)No1461/72(4),lays
downdetailedrulesfortheadvancefixingofthe
exportrefundoncereals;
WhereasthatRegulationprovidesthattherefund
applicableonthedayonwhichapplicationforan
exportlicenceismademust,whentherefundisfixed
inadvance,bereducedbynotmorethatthediffer­
encebetweenthecifforwarddeliverypriceandthecif
pricewheretheformerexceedsthelatterbymore
thanoneunitofaccountpermetricton;whereas,on
theotherhand,therefundmustbeincreasedbynot
morethanthedifferencebetweenthecifpriceand
thecifforwarddeliverypricewheretheformer
exceedsthelatterbymorethanoneunitofaccount
permetricton;
Whereasthecifpriceisthatdeterminedinaccor­
dancewithArticle13ofRegulationNo120/67/EEC;Whereas,however,Article2ofRegulationNo633/
67/EECprovidesthatthecorrectiveamountappli­
cabletotheamountoftherefundfixedinadvanceon
exportstobeeffectedafterthethirdmonthfollowing
thatduringwhichthelicencewasissuedshouldbe
fixedonthebasisofforeseeablemarkettrends;
whereastothisendaccountshouldbetakenofavail­
abilitiesandforeseeabletrendsontheCommunity
marketandofforwardtrendsontheworldmarket,in
particularonthosemarketswhosespecificrequire­
mentshavemadeitnecessarytovarytherefund;
Whereas,iftherefundsystemistooperatenormally,
refundsshouldbecalculatedonthefollowingbasis:
—inthecaseofcurrencieswhicharemaintainedin
relationtoeachother,atanygivenmoment,
withinabandof2-25%,arateofexchangebased
ontheireffectiveparity;
—forothercurrenciesanexchangeratebasedonthe
arithmeticmeanofthespotmarketratesofeach
ofthesecurrenciesrecordedforagivenperiod,in
relationtotheCommunitycurrenciesreferredto
intheprevioussubparagraph ;
Whereasitfollowsfromapplyingalltheseprovisions
thatthecorrectiveamountmustbefixedasshownin
theTableannexedtothisRegulation ;
WhereasthemeasuresprovidedforinthisRegulation
areinaccordancewiththeOpinionoftheManage­
mentCommitteeforCereals,(')OJNo117,19.6.1967,p.2269/67.
(-')OfNoL141,28.5.197.},p.X.
(3)OjNo23.*,28.9.1967,p.9.
(4)OJNoL155,11.7.1972,p.IS.(5)OJNo125,26.6.1967,p.2456/67.
(<>)OJNoL262,3.12.1970,p.3.

NoL59/6 OfficialJournaloftheEuropeanCommunities 1.3.74
herebyfixedasshownintheTableannexedtothis
Regulation .HASADOPTEDTHISREGULATION :
Article1
Article2
ThecorrectiveamountreferredtoinArticle16(4)of
RegulationNo120/67/EECwhichisapplicableto
exportrefundsfixedinadvanceinrespectofcerealsisThisRegulationshallenterintoforceon1March
1974.
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,28February1974.
FortheCommission
P.J.LARDINOIS
MemberoftheCommission
ANNEX
totheCommissionRegulationof28February1974fixingthecorrectiveamountappli­
cabletotherefundoncereals
(u.a./ton)
CCT
heading
NoDescriptionoígoodsCurrent
31st
period
42nd
period
53rd
period
64th
period
75th
period
86th
period
9
10.01ACommonwheat,andmes­
iin
10.01BDurumwheat — — — — — — —
10.02 Rye — — — — — — —
10.03 Barley — — — — — — —
10.04 Oats — — — — — — —
10.05BMaize'otherthanhybrid
maizeforsowing -— —- _■
1Ó.07CGrainsorghum