NoL148/30 OfficialJournaloftheEuropeanCommunities 19.6.93
COMMISSION REGULATION (EEC)No1504/93
of18June1993
fixingtheagricultural conversion rates
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ,Whereas ,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod11to20June1993,itis
necessarytofixanewagricultural conversion rateforthe
ItalianliraandtheGreekdrachma ;
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 ,HavingregardtoCouncilRegulation (EEC)No3813/92
of28December 1992ontheunitofaccountandthe
conversion ratestobeappliedforthepurposesofthe
commonagricultural policy('),andinparticularArticle3
(1)thereof,
Whereastheagricultural conversion rateswerefixedby
Commission Regulation (EEC)No1336/93(2);
HASADOPTED THISREGULATION :WhereasArticle4(3)ofRegulation (EEC)No3813/92
stipulatesthatif,overareferenceperiod,theabsolute
valueofthedifference inthegapsbetweenthecurrencies
ofanytwoMemberStatesexceedsfourpoints,anymone­
tarygapsfortheMemberStatesconcerned thatexceed
twopointsshallimmediately bereducedtotwopoints;
whereas,inArticle 1(f)ofRegulation (EEC)No3813/92,
theterm'monetarygap'isdefinedasthepercentage of
theagricultural conversion raterepresenting the
differencebetweenthatrateandtherepresentative market
rate;Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Whereastherepresentative marketratesaredetermined
onthebasisofreferenceperiodsestablished inaccord­
ancewithCommission Regulation (EEC)No1068/93of
30April1993ondetailedrulesfordetermining and
applyingtheagricultural conversion rates(3);Article2
InthecasereferredtoinArticle15(3)ofRegulation
(EEC)No1068/93,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
or
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .
Article3
Regulation (EEC)No1336/93isherebyrepealed .
Article4
ThisRegulation shallenterintoforceon21June1993.Whereas,however,Article2ofRegulation (EEC)
No1068/93providesthat,incaseswheretheabsolute
valueofthedifference betweenthemonetarygapsintwo
MemberStates,calculated fromtheaverageontheecu
ratesforthreeconsecutive workingdays,exceedssix
points:
—therepresentative marketratesforthecurrencies in
questionshallbeadjustedonthebasisofthethree
workingdaysinquestion ,
and
—thebasicreferenceperiodconcerned beginstheday
followingthesethreeworkingdays;
(')OJNoL387,31.12.1992,p.1.
(2)OJNoL132,29.5.1993,p.125.
3OJNoL108,1.5.1993,p.106.

19.6.93 OfficialJournaloftheEuropeanCommunities NoL148/31
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,18June1993.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
ANNEXI
Agricultural conversion rates
ECU148,5563 Belgianand
Luxembourg francs
8,97989 Danishkroner
2,35418 Germanmarks
315,843 Greekdrachmas
182,744 Spanishpesetas
7,89563 Frenchfrancs
0,957268 Irishpunt
2191,78 Italianlire
2,65256 Dutchguilders
222,758 Portuguese escudos
0,959111 Poundsterling
ANNEXII
Agricultural conversion ratesfixedinadvanceandadjusted
TableA TableB
ECU1=46,6888 Belgianand ECU1=50,5795 Belgianand
Luxembourg francs Luxembourg francs
8,63451 Danishkroner 9,35405 Danishkroner
2,26363 Germanmarks 2,45227 Germanmarks
303,695 Greekdrachmas 329,003 Greekdrachmas
175,715 Spanishpesetas 190,358 Spanishpesetas
7,59195 Frenchfrancs 8,22461 Frenchfrancs
0,920450 Irishpunt 0,997154 Irishpunt
2107,48 Italianlire 2283,10 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
214,190 Portuguese escudos 232,040 Portuguese escudos
0,922222 Poundsterling 0,999074 Poundsterling