31.3.93 OfficialJournaloftheEuropeanCommunities NoL77/53
COMMISSION REGULATION (EEC)No760/93
of30March1993
fixingtheagricultural conversion rates
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ,Whereas,asaconsequence oftheexchangeratesrecorded
duringthereferenceperiod26to30March1993,itis
necessarytofixanewagricultural conversion rateforthe
Italianlira;
WhereasArticle11(2)ofRegulation (EEC)No3819/92
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)No468/93(2);
HASADOPTED THISREGULATION :WhereasArticle4(3)ofRegulation (EEC)No3813/92
stipulatesthatif,overareferenceperiod,theabsolute
valueofthedifferenceinthegapsbetweenthecurrencies
ofanytwoMemberStatesexceedsfourpoints,anymone­
tarygapsfortheMemberStatesconcerned thatexceed
twopointsshallimmediately bereducedtotwopoints;
whereas,inArticle 1(f)ofRegulation (EEC)No3813/92,
theterm'monetarygap'isdefinedasthepercentage of
theagricultural conversion ratesrepresenting the
differencebetweenthatrateandtherepesentative market
rate:Article 1
Theagricultural conversion ratesarefixedinAnnexI
hereto.
Whereastherepresentative marketratesaredetermined
onthebasisofreferenceperiodsdetermined inaccord­
ancewithCommission Regulation (EEC)No3819/92of
28December 1992ondetailedrulesfordetermining and
applyingtheagricultural conversion rates(3);Article2
InthecasereferredtoinArticle 11(2)ofRegulation
(EEC)No3819/92,theagricultural conversion ratefixed
inadvanceshallbereplacedbytheecurateforthe
currencyconcerned ,showninAnnexII:
—TableA,wherethelatterrateishigherthantherate
fixedinadvance,
or
—TableB,wherethelatterrateislowerthantherate
fixedinadvance .Whereas,however,Article2ofRegulation (EEC)
No3819/92providesthat,incaseswheretheabsolute
valueofthedifference betweenthemonetarygapsintwo
MemberStates,calculated fromtheaverageontheecu
ratesforthreeconsecutive workingdays,exceedssix
points:
—therepresentative marketratesforthecurrencies in
questionshallbeadjustedonthebasisofthethree
workingdaysinquestion,
and
—thebasicreferenceperiodconcerned beginstheday
followingthesethreeworkingdays;Article3
Regulation (EEC)No468/93isherebyrepealed.
Article4
ThisRegulation shallenterintoforceon31March1993.(')OJNoL387,31.12.1992,p.1.
(2)OJNoL49,27.2.1993,p.84.
(3)OJNoL387,31.12.1992,p.17.

NoL77/54 31.3.93 OfficialJournaloftheEuropeanCommunities
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,30March1993.
FortheCommission
ReneSTEICHEN
MemberoftheCommission
ANNEXI
Agricultural conversion rates
ECU1=48,5563 Belgianand
Luxembourg francs
8,97989 Danishkroner
2,35418 Germanmarks
310,351 Greekdrachmas
166,075 Spanishpesetas
7,89563 Frenchfrancs
0,957268 Irishpunt
2262,06 Italianlire
2,65256 Dutchguilders
212,128 Portuguese escudos
0,980715 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
298,414 Greekdrachmas 323,282 Greekdrachmas
159,688 Spanishpesetas 172,995 Spanishpesetas
7,59195 Frenchfrancs 8,22461 Frenchfrancs
0,920450 Irishpunt 0,997154 Irishpunt
2175,06 Italianlire 2356,31 Italianlire
2,55054 Dutchguilders 2,76308 Dutchguilders
203,969 Portuguese escudos 220,967 Portuguese escudos
0,942995 Poundsterling 1,02157 Poundsterling