EN Official Journal of the European Communities 16. 12. 98 L 340/21
COMMISSION REGULATION (EC) No 2707/98
of 15 December 1998
determining the world market price for unginned cotton and the rate for the aid
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European
Community,
Having regard to the Act of Accession of Greece, and in
particular paragraphs 3 and 10 of Protocol 4 on cotton, aslast amended by Council Regulation (EC) No 1553/95 (
1),
Having regard to Council Regulation (EC) No 1554/95 of
29 June 1995 (2) laying down general rules for the system
of aid for cotton and repealing Regulation (EEC) No2169/81, as last amended by Regulation (EC) No 1419/98 (
3), and in particular Articles 3, 4 and 5 thereof,
Whereas Article 3 of Regulation (EC) No 1554/95
requires a world market price for unginned cotton to beperiodically determined from the world market pricedetermined for ginned cotton, using the historical rela-tionship between the two prices as specified in Article 1(2) of Commission Regulation (EEC) No 1201/89 of 3May 1989 laying down rules for implementing the systemof aid for cotton (
4), as last amended by Regulation (EC)
No 1664/98 (5); whereas if it cannot be determined in this
way it is to be based on the last price determined;
Whereas Article 4 of Regulation (EC) No 1554/95
requires the world market price for ginned cotton to bedetermined for a product of specific characteristics usingthe most favourable offers and quotations on the worldmarket of those considered representative of the realmarket trend; whereas to this end an average is to becalculated of offers and quotations on one or more Euro-pean exchanges for a cif product to a North Europeanport from the supplier countries considered mostrepresentative as regards international trade; whereas theserules for determination of the world market price forginned cotton provide for adjustments to reflect differ-ences in product quality and the nature of offers andquotations; whereas these adjustments are specified in
Article 2 of Regulation (EEC) No 1201/89;
Whereas application of the above rules gives the world
market price for unginned cotton indicated hereunder;
Whereas the second subparagraph of Article 5(3a) of
Regulation (EC) No 1554/95 stipulates that the advancepayment rate for the aid is to be the guide price less theworld market price and less a further amount calculatedby the formula applicable when the guaranteed maximumquantity is overrun but with a minimum 7,5 % increasein the revised estimate for unginned cotton production;whereas Commission Regulation (EC) No 2591/98 (
6)
fixes the revised estimate of production of unginnedcotton for the 1998/99 marketing year and the relevantpercentage increase; whereas application of these rulesgives the advance payment rates for each Member Stateindicated hereunder,
HAS ADOPTED THIS REGULATION:
Article 1
1. The world market price for unginned cotton as indi-
cated in Article 3 of Regulation (EC) No 1554/95 is set atECU 21,820 per 100 kilograms.
2. Advance payment of the aid as indicated in Article 5
(3a), second sentence, of Regulation (EC) No 1554/95shall be at the rate of:
— ECU 62,370 per 100 kilograms in Spain,
— ECU 52,165 per 100 kilograms in Greece,— ECU 84,480 per 100 kilograms in other Member
States.
Article 2
This Regulation shall enter into force on 16 December
1998.
(1) OJ L 148, 30. 6. 1995, p. 45.
(2) OJ L 148, 30. 6. 1995, p. 48.
(3) OJ L 190, 4. 7. 1998, p. 4.
(4) OJ L 123, 4. 5. 1989, p. 23.
(5) OJ L 211, 29. 7. 1998, p. 9. (6) OJ L 324, 2. 12. 1998, p. 25.
EN Official Journal of the European Communities 16. 12. 98 L 340/22
This Regulation shall be binding in its entirety and directly applicable in all Member
States.
Done at Brussels, 15 December 1998.
For the Commission
Franz FISCHLER
Member of the Commission