NoL329/30 30.12.93 OfficialJournaloftheEuropeanCommunities
COMMISSION REGULATION (EC)No3634/93
of29December 1993
fixingtheagricultural conversion rates
Whereas,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod27to29December 1993,itis
necessarytofixanewagricultural conversion rateforthe
Italianlira;
WhereasArticle15(3)ofRegulation (EEC)No1068/93
providesthatanagricultural conversion ratefixedin
advanceshallbeadjustedifthegapbetweenthatrateand
theagricultural conversion rateinforceatthetimeofthe
operativeeventapplicable forthecurrencyconcerned
exceedsfourpoints;whereas,inthatevent,theagricul­
turalconversion ratefixedinadvanceisbroughtmore
closelyintolinewiththerateinforce,uptothelevelofa
gapoffourpointswiththatrate;whereastheratewhich
replacestheagricultural conversion ratefixedinadvance
shouldbespecified ,
HASADOPTED THISREGULATION :THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Community ,
HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),aslastamendedbyRegu­
lation(EC)No3528/93(2),andinparticularArticle3(1)
thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EEC)No2249/93(3);
WhereasArticle4ofRegulation (EEC)No3813/92
providesthattheagricultural conversion rateforafloating
currency istobeadjustedwherethemonetary gap
betweenitandtherepresentative marketrateexceeds
certainlevels;whereas,notwithstanding thatArticle4,
Article4aofthatRegulation appliesuntil31December
1994;
Whereastherepresentative marketratesaredetermined
onthebasisofreferenceperiodsestablished inaccord­
ancewithCommission Regulation (EEC)No1068/93of
30April1993ondetailedrulesfordetermining and
applyingtheagricultural conversion rates(4);
Whereas,inviewofthedecisionbytheMinisters of
Financeon2August1993,alltheMemberStates'curren­
ciesaretoberegardedfloatingcurrencies inaccordance
withArticle 1(b)ofRegulation (EEC)No3813/92;
Whereas,however,Article2ofRegulation (EEC)
No1068/93providesthat,incaseswheretheabsolute
valueofthedifferencebetweenthemonetarygapsintwo
MemberStates,calculated fromtheaverageontheecu
ratesforthreeconsecutive workingdays,exceedssix
points:
—therepresentative marketratesforthecurrencies in
questionshallbeadjustedonthebasisofthethree
workingdaysinquestion,
and
—thebasicreferenceperiodconcerned beginstheday
followingthesethreeworkingdays;Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Article2
InthecasereferredtoinArticle15(3)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
or
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Article3
Regulation (EEC)No2811/93isherebyrepealed .
(')OJNoL387,31.12.1992,p.1.
(2)OJNoL320,22.12.1993,p.32.Article4
ThisRegulation shallenterintoforceon30December
1993.(J)OJNoL256,14.10.1993,p.16.
(4)OJNoL108,1.5.1993,p.106.

30.12.93 OfficialJournaloftheEuropeanCommunities NoL329/31
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,29December 1993.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
ANNEXI
Agricultural conversion rates
ECU1=49,3070 Belgianand
Luxembourg francs
9,34812 Danishkroner
2,35418Germanmarks
328,567 Greekdrachmas
190,382 Spanishpesetas
7,98191 Frenchfrancs
0,976426Irishpunt
2264,19 Italianlire
2,65256 Dutchguilders
236,933 Portuguese escudos
0,920969 Poundsterling
ANNEX II
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=47,4106 Belgianand ECU1=51,3615 Belgianand
Luxembourg francs Luxembourg francs
8,98858 Danishkroner 9,73763 Danishkroner
2,26363 Germanmarks 2,45227 Germanmarks
315,930 Greekdrachmas 342,257 Greekdrachmas
183,060 Spanishpesetas 198,315 Spanishpesetas
7,67491 Frenchfrancs 8,31449 Frenchfrancs
0,938871 Irishpunt 1,01711 Irishpunt
2177,11 Italianlire 2358,53 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
227,820 Portuguese escudos 246,805 Portuguese escudos
0,885547 Poundsterling 0,959343 Poundsterling