EN Official Journal of the European Communities 21. 7. 98 L 203/3
COMMISSION REGULATION (EC) No 1562/98
of 20 July 1998
fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European
Community,
Having regard to Council Regulation (EEC) No 3813/92
of 28 December 1992 on the unit of account and theconversion rates to be applied for the purposes of thecommon agricultural policy (
1), as last amended by Regu-
lation (EC) No 150/95 (2), and in particular Article 3 (1)
thereof,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 932/98 (3);
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig-gered, the agricultural conversion rate for a currency is tobe adjusted where the monetary gap between it and therepresentative market rate exceeds certain levels;
Whereas the representative market rates are determined
on the basis of basic reference periods or, where ap-plicable, confirmation periods, established in accordancewith Article 2 of Commission Regulation (EEC) No 1068/93 of 30 April 1993 on detailed rules for determining andapplying the agricultural conversion rates (
4), as last
amended by Regulation (EC) No 961/98 (5); whereas para-
graph 2 of that Article provides that, in cases where theabsolute value of the difference between the monetarygaps in two Member States, calculated from the average ofthe ecu rates for three consecutive quotation days, exceedssix points, the representative market rates are to beadjusted on the basis of the three quotation days in ques-tion;
Whereas, as a consequence of the exchange rates recorded
from 11 July to 20 July 1998, it is necessary to fix a newagricultural conversion rate for the Greek drachma;Whereas Article 15(2) of Regulation (EEC) No 1068/93
provides that an agricultural conversion rate fixed inadvance is to be adjusted if the gap between that rate andthe agricultural conversion rate in force at the time of theoperative event applicable for the amount concernedexceeds four points; whereas, in that event, the agricul-tural conversion rate fixed in advance is brought moreclosely into line with the rate in force, up to the level of agap of four points with that rate; whereas the rate whichreplaces the agricultural conversion rate fixed in advanceshould be specified,
HAS ADOPTED THIS REGULATION:
Article 1
The agricultural conversion rates are fixed in Annex I
hereto.
Article 2
In the case referred to in Article 15(2) of Regulation (EEC)
No 1068/93, the agricultural conversion rate fixed inadvance shall be replaced by the ecu rate for the currencyconcerned, shown in Annex II:
¾Table A, where the latter rate is higher than the rate
fixed in advance,
¾Table B, where the latter rate is lower than the rate
fixed in advance.
Article 3
Regulation (EC) No 932/98 is hereby repealed.
Article 4
This Regulation shall enter into force on 21 July 1998.
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 20 July 1998.
For the Commission
Franz FISCHLER
Member of the Commission
(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 130, 1. 5. 1998, p. 16.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 135, 8. 5. 1998, p. 5.
EN Official Journal of the European Communities 21. 7. 98 L 203/4
ANNEX I
Agricultural conversion rates
ECU 1= 40,9321 Belgian and
Luxembourg francs
7,56225 Danish kroner1,98391 German marks
338,319 Greek drachmas203,183 Portuguese escudos
6,68769 French francs6,02811 Finnish marks2,23593 Dutch guilders0,796521 Irish punt
1 973,93 Italian lire
13,9576 Austrian schillings
168,336 Spanish pesetas
8,79309 Swedish kroner0,677353 Pound sterling
ANNEX II
Agricultural conversion rates fixed in advance and adjusted
Table A Table B
ECU 1 = 39,3578 Belgian and
Luxembourg francsECU 1 = 42,6376 Belgian and
Luxembourg francs
7,27139 Danish kroner 7,87734 Danish kroner
1,90761 German marks 2,06657 German marks
325,307 Greek drachmas 352,416 Greek drachmas
195,368 Portuguese escudos 211,649 Portuguese escudos
6,43047 French francs 6,96634 French francs
5,79626 Finnish marks 6,27928 Finnish marks
2,14993 Dutch guilders 2,32909 Dutch guilders
0,765886 Irish punt 0,829709 Irish punt
1 898,01 Italian lire 2 056,18 Italian lire
13,4208 Austrian schillings 14,5392 Austrian schillings
161,862 Spanish pesetas 175,350 Spanish pesetas
8,45489 Swedish kroner 9,15947 Swedish kroner
0,651301 Pound sterling 0,705576 Pound sterling