/SS07 /SS07 EN Official Journal oftheEuropean Communities L3/10 7.1.98
COMMISSION REGULATION (EC) No10/98
of6January 1998
fixing theagricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard tothe Treaty establishing the European
Community,
Having regard toCouncil Regulation (EEC) No3813/92
of28December 1992 ontheunit ofaccount and the
conversion rates tobeapplied forthe purposes ofthe
common agricultural policy (1),aslastamended byRegu-
lation (EC) No150/95 (2),and inparticular Article 3(1)
thereof,
Whereas theagricultural conversion rates were fixed by
Commission Regulation (EC) No 2652/97 (3);
Whereas Article 4ofRegulation (EEC) No 3813/92
provides that, subject toconfirmation periods being trig-
gered, theagricultural conversion rate foracurrency isto
beadjusted where themonetary gap between itand the
representative market rate exceeds certain levels;
Whereas therepresentative market rates aredetermined
onthebasis ofbasic reference periods or,where applic-
able, confirmation periods, established inaccordance with
Article 2ofCommission Regulation (EEC) No1068/93 of
30April 1993 ondetailed rules fordetermining and
applying the agricultural conversion rates (4),aslast
amended byRegulation (EC) No 1482/96 (5);whereas
paragraph 2ofthat Article provides that, incases where
theabsolute value ofthedifference between themonetary
gaps intwoMember States, calculated from theaverage of
theecurates forthree consecutive quotation days, exceeds
sixpoints, the representative market rates are tobe
adjusted onthe basis ofthe three quotation days in
question;
Whereas, asaconsequence oftheexchange rates recorded
from 1to6January 1998, itisnecessary tofixanew agri-
cultural conversion rate for the Irish punt and the
Swedish kroner;Whereas Article 15(2)ofRegulation (EEC) No1068/93
provides that anagricultural conversion rate fixed in
advance istobeadjusted ifthegapbetween that rate and
theagricultural conversion rate inforce atthetime ofthe
operative event applicable for the amount concerned
exceeds four points; whereas, inthat event, theagricul-
tural conversion rate fixed inadvance isbrought more
closely into line with therateinforce, uptothelevel ofa
gap offour points with that rate; whereas therate which
replaces theagricultural conversion rate fixed inadvance
should bespecified,
HAS ADOPTED THIS REGULATION:
Article 1
The agricultural conversion rates arefixed inAnnex I
hereto.
Article 2
Inthe case referred toinArticle 15(2)ofRegulation
(EEC) No1068/93, theagricultural conversion rate fixed
inadvance shall bereplaced bythe ecu rate forthe
currency concerned, shown inAnnex II:
—Table A,where thelatter rate ishigher than therate
fixed inadvance,
—Table B,where thelatter rate islower than therate
fixed inadvance.
Article 3
Regulation (EC) No 2652/97 ishereby repealed.
Article 4
This Regulation shall enter into force on7January 1998.
This Regulation shall bebinding initsentirety and directly applicable inallMember
States.
Done atBrussels, 6January 1998.
FortheCommission
Franz FISCHLER
Member oftheCommission
(1)OJL387, 31.12.1992, p.1.
(2)OJL22,31.1.1995, p.1.
(3)OJL356, 31.12.1997, p.54.
(4)OJL108, 1.5.1993, p.106.
(5)OJL188, 27.7.1996, p.22.
/SS07 /SS07 EN Official Journal oftheEuropean Communities L3/11 7.1.98
ANNEX I
Agricultural conversion rates
ECU 1= 40,9321 Belgian and
Luxembourg francs
7,54917 Danish kroner
1,98243 German marks
312,011 Greek drachmas
201,259 Portuguese escudos
6,68769 French francs
6,02811 Finnish marks
2,23273 Dutch guilders
0,772837 Irish punt
1973,93 Italian lire
13,9485 Austrian schillings
167,153 Spanish pesetas
8,68510 Swedish kroner
0,695735 Pound sterling
ANNEX II
Agricultural conversion rates fixed inadvance and adjusted
Table A Table B
ECU 1= 39,3578 Belgian and
Luxembourg francs
7,25882 Danish kroner
1,90618 German marks
300,011 Greek drachmas
193,518 Portuguese escudos
6,43047 French francs
5,79626 Finnish marks
2,14686 Dutch guilders
0,743113 Irish punt
1898,01 Italian lire
13,4120 Austrian schillings
160,724 Spanish pesetas
8,35106 Swedish kroner
0,668976 Pound sterlingECU 1= 42,6376 Belgian and
Luxembourg francs
7,86372 Danish kroner
2,06503 German marks
325,011 Greek drachmas
209,645 Portuguese escudos
6,96634 French francs
6,27928 Finnish marks
2,32576 Dutch guilders
0,805039 Irish punt
2056,18 Italian lire
14,5297 Austrian schillings
174,118 Spanish pesetas
9,04698 Swedish kroner
0,724724 Pound sterling