29.12.90 OfficialJournaloftheEuropeanCommunitiesNoL367/89
COMMISSION REGULATION (EEC)No3868/90
of28December 1990
fixingtheaidforcotton
intoaccounttheestimatedyieldoftheCommunity
harvestincottonseedandinginnedcottonandalsothe
netcostofginning;
Whereastheworldmarketpriceforginnedcottonand
cottonseedisdeterminedinaccordancewithArticle4of
Regulation(EEC)No2169/81;
Whereas,iftheworldmarketpriceforunginnedcotton
cannotbedeterminedasdescribedabove,thispriceshall
beestablishedonthebasisofthemostrecentpricedeter­
mined;
Whereastheworldmarketpriceforunginnedcottonis
equaltothesumofthevalues-forginnedcottonand
cottonseeddefinedinArticle1ofCommissionRegula­
tion(EEC)No1201/89of3May1989layingdownrules
implementing thesystemofaidforcotton0,aslast
amendedbyRegulation(EEC)No2432/90(8),minusthe
costofginning;THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity,
HavingHavingregardtotheActofAccessionofGreece,
andinparticularparagraphs3and10ofProtocol4on
cottonannexedthereto,asamendedbyProtocol14
annexedtotheActofAccessionofSpainandofPortugal,
andCommissionRegulation(EEC)No4006/87('),
HavingregardtoCouncilRegulation(EEC)No2169/81
of27July1981layingdownthegeneralrulesforthe
systemofaidforcotton(2),aslastamendedbyRegulation
(EEC)No791/89(3),andinparticularArticle5(1)thereof,
HavingregardtotheopinionoftheMonetaryCommittee,
Whereas,pursuanttoArticle5ofRegulation(EEC)No
2169/81,aidmustbegrantedforunginnedcotton
harvestedintheCommunitywhentheworldmarket
priceforunginnedcottonisbelowtheguideprice;
Whereastheaidisequaltothedifferencebetweenthese
twoprices;
Whereastheguidepricefor1990/90marketingyearwas
fixedbyCouncilRegulation(EEC)No1355/90(4)
WhereasthepricesfixedbytheCouncilaretobereduced
inaccordancewithCommission Regulation (EEC)
No2219/90of30July1990establishingtheguideprice
fixedinecusbytheCouncilinthecottonsectorand
reducedasaresultofthemonetaryrealignmentof5
January19900;
Whereas,underthesystemofmaximumguaranteed
quantities,theamountoftheaidissubjecttothereduc­
tionprovidedforinCommissionRegulation(EEC)No
2511/900asregardscottonseed;
Whereastheworldmarketpriceforunginnedcottonis
determinedperiodicallyonthebasisoftheworldmarket
pricesrecordedforginnedcottonandcottonseed,takingWhereastheabovevaluesareestablishedonthebasisof
thepricesdeterminedinaccordancewithArticles2and3
ofCommissionRegulation(EEC)No1201/89;whereas
theworldmarketpriceisdeterminedonthebasisofthe
mostfavourableoffersandquotationsrecorded,excluding
offersandquotationswhichcannotberegardedasrepre­
sentativeoftherealmarkettrend;
Whereasthenecessaryadjustmentsmustbemadeincases
wheretheoffersandquotationsrecordeddonotsatisfy
therequirementsindicatedabove;
Whereas,pursuanttoArticle4(4)ofRegulation(EEC)No
2169/81,iftherearenosuitableoffersorquotationsfor
determiningtheworldmarketpriceforcottonseed,that
priceshallbeestablishedonthebasisofthemost
favourableoffersandquotationsforcottonseedrecorded
ontheCommunitymarketor,ifthoseoffersandquota­
tionscannotbeestablishedonthebasisofthevalueof
theproductsobtainedfromprocessingtheseedinthe
Community,lesstheprocessingcost;whereasthisvalue
isdeterminedinaccordancewithArticle4ofRegulation
(EEC)No1201/89;
Whereas,ifthesubsidysystemistooperatenormally,
subsidiesshouldbecalculatedonthefollowingbasis:(>)OJNoL377,31.12.1987,p.49.
(2)OJNoL211,31.7.1981,p.2.
(3)OJNoL85,30.3.1989,p.7.
(♦)OJNoL134,28.5.1990,p.20.0OJNoL202,31.7.1990,p.26.
(<)OJNoL237,1.9.1990,p.9.0OJNoL123,4.5.1989,p.23.
(8)OJNoL228,22.8.1990,p.23.

NoL367/90 OfficialJournaloftheEuropeanCommunities 29.12.90
HASADOPTEDTHISREGULATION :
Article1—inthecaseofcurrencieswhicharemaintainedinrela­
tiontoeachotheratanygivenmomentwithinaband
of2,25%,arateofexchangebasedontheircentral
rate,multipliedbythecorrectivefactorprovidedforin
thelastparagraphofArticle3(1)ofCouncilRegula­
tion(EEC)No1676/85('),aslastamendedbyRegula­
tion(EEC)No2205/90(2),
—fortheothercurrencies,anexchangeratebasedonan
averageoftheecuratespublishedintheOfficial
JournaloftheEuropeanCommunities ,Cseries,over
aperiodtobedetermined,multipliedbythecoeffi­
cientreferredtointheprecedingindent;
Whereastheaidmustbefixedonceamonth,andinsuch
awaythatitcanbeappliedfromthefirstdayofthe
monthfollowingthedateoffixing;whereasitmaybe
alteredbetweenfixings;
Whereasitfollowsfromapplyingtheseprovisionstothe
offersandquotationsknowntotheCommissionthatthe
aidforcottonshouldbeassetoutinthisRegulation,TheaidforunginnedcottonprovidedforinArticle5of
Regulation(EEC)No2169/81shallbe44,277ECUper
100kilograms.
Article2
ThisRegulationshallenterintoforceon1January1991.
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
States.
DoneatBrussels,28December1990.
FortheCommission
RayMACSHARRY
MemberoftheCommission
(')OJNoL164,24.6.1985,p.1.
(2)OJNoL201,31.7.1990,p.9.