16.9.89 NoL269/29 OfficialJournaloftheEuropeanCommunities
COMMISSION REGULATION (EEC)No2796/89
of15September1989
fixingtheaidforcotton
beestablishedonthebasisofthemostrecentpricedeter­
mined;
Whereastheworldmarketpriceforunginnedcottonis
equaltothesumofthevaluesforginnedcottonand
cottonseeddefinedinArticle1ofCommissionRegula­
tion(EEC)No1201/89of3May1989layingdownrules
implementing thesystemofaidforcotton(6),asamended
byRegulation(EEC)No2733/89Q,minusthecostof
ginning;
Whereastheabovevaluesareestablishedonthebasisof
thepricesdeterminedinaccordancewithArticles2and3
ofCommissionRegulation(EEC)No1201/89;whereas
theworldmarketpriceisdeterminedonthebasisofthe
mostfavourableoffersandquotationsrecorded,excluding
offersandquotationswhichcannotberegardedasrepre­
sentativeoftherealmarkettrend;
Whereasthenecessaryadjustmentsmustbemadeincases
wheretheoffersandquotationsrecordeddonotsatisfy
therequirementsindicatedabove;THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ,
HavingregardtotheActofAccessionofSpainand
Portugal,
HavingregardtotheActofAccessionofGreece,andin
particularparagraphs3and10ofProtocol4oncotton
annexedthereto,asamendedbyProtocol14annexedto
theActofAccessionofSpainandofPortugal,andRegu­
lation(CEE)No4006/870),
HavingregardtoCouncilRegulation(EEC)No2169/81
of27July1981layingdownthegeneralrulesforthe
systemofaidforcotton(2),aslastamendedbyRegulation
(EEC)No791/89(3),andinparticularArticle5(1)thereof,
HavingregardtotheopinionoftheMonetaryCommittee,
Whereas,underArticle5ofRegulation (EEC)No
2169/81,aidmustbegrantedforunginnedcotton
harvestedintheCommunitywhentheworldmarket
priceforunginnedcottonisbelowtheguideprice;
Whereastheaidisequaltothedifferencebetweenthese
twoprices;
Whereastheguidepriceforthe1989/90marketingyear
wasfixedbyCouncilRegulation(EEC)No1241/89(4);
Whereas,underthesystemofmaximumguaranteed
quantities,theamountoftheaidissubjecttothereduc­
tionprovidedforinCommissionRegulation(EEC)No
2624/89(*)asregardscottonseed;
Whereastheworldmarketpriceforunginnedcottonis
determinedperiodicallyonthebasisbftheworldmarket
pricesrecordedforginnedcottonandcottonseed,taking
intoaccounttheestimatedyieldoftheCommunity
harvestincottonseedandinginnedcottonandalsothe
netcostofginning;
Whereastheworldmarketpriceforginnedcottonand
cottonseedisdeterminedinaccordancewithArticle4of
Regulation(EEC)No2169/81;
Whereas,iftheworldmarketpriceforunginnedcotton
cannotbedeterminedasdescribedabove,thispriceshallWhereas,underArticle4(4)ofRegulation(EEC)No
2169/81,iftherearenosuitableoffersorquotationsfor
determiningtheworldmarketpriceforcottonseed,that
priceshallbeestablishedonthebasisofthemost i
favourableoffersandquotationsforcottonseedrecorded
ontheCommunitymarketor,ifthoseoffersandquota­
tionscannotbeestablishedonthebasisofthevalueof
theproductsobtainedfromprocessingtheseedinthe
Community,lesstheprocessingcost;whereasthisvalue
isdeterminedinaccordancewithArticle4ofRegulation
(EEC)No1201/89;
Whereas,ifthesubsidysystemistooperatenormally,
subsidiesshouldbecalculatedonthefollowingbasis:
—inthecaseofcurrencieswhicharemaintainedinrela­
tiontoeachotheratanygivenmomentwithinaband
of2,25%,arateofexchangebasedontheircentral
rate,multipliedbythecorrectivefactorprovidedforin
thelastparagraphofArticle3(1)ofCouncilRegula­
tion(EEC)No1676/85(8),aslastamendedbyRegula­
tion(EEC)No1636/87(9),
(')OJNoL377,31.12.1987,p.48.
0OJNoL211,31.7.1981,p.2.0OJNoL85,30.3.1989,p.7.
(4)OJNoL129,11.5.1989,p.1.0OJNoL254,31.8.1989,p.8.0OJNoL123,4.5.1989,p.23.0OJNoL263,9.9.1989,p.15.
(8)OJNoL164,24.6.1985,p.1.0OJNoL153,13.6.1987,p.1.

NoL269/30 OfficialJournaloftheEuropeanCommunities 16.9.89
HASADOPTEDTHISREGULATION : —forothercurrencies,anexchangeratebasedonthe
arithmeticmeanofthespotmarketratesofeachof
thesecurrenciesrecordedoveragivenperiodinrela­
tiontotheCommunitycurrenciesreferredtointhe
previousindent,andtheaforesaidcoefficient;
Whereastheaidmustbefixedonceamonth,andinsuch
awaythatitcanbeappliedfromthefirstdayofthe
monthfollowingthedateoffixing;whereasitmaybe
alteredbetweenfixings;
Whereasitfollowsfromapplyingtheseprovisionstothe
offersandquotationsknowntotheCommissionthatthe
aidforcottonshouldbeassetoutinthisRegulation,Article1
TheaidforunginnedcottonprovidedforinArticle5of
Regulation(EEC)No2169/81shallbe40,006ECUper
100kilograms.
Article2
ThisRegulationshallenterintoforceon16September
1989.
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,15September1989.
FortheCommission
RayMACSHARRY
MemberoftheCommission