COMMISSION REGULATION (EC) No 391/98 of 18 February 1998 determining the world market price for unginned cotton and the rate for the aid
Date: 1998-02-18
Institutions: European Commission
Subjects: Greece, Spain, cotton, farm price support, production aid, world market price

L 48/44

EN

Official Journal of the European Communities

19. 2. 98

COMMISSION REGULATION (EC) No 391/98

of 18 February 1998

determining the world market price for unginned cotton and the rate for the aid

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

whereas these adjustments are specified in Article 2 of
Regulation (EEC) No 1201/89;

Having regard to the Treaty establishing the European
Community,

Whereas application of the above rules gives the world
market price for unginned cotton indicated hereunder;

Having regard to the Act of Accession of Greece, and in
particular paragraphs 3 and 10 of Protocol 4 on cotton, as
last 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) No
2169/81, as amended by Regulation (EC) No 1584/96 (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 be
periodically determined from the world market price
determined 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 3
May 1989 laying down rules for implementing the system
of aid for cotton (4), as last amended by Regulation (EC)
No 1740/97 (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 be
determined for a product of specific characteristics using
the most favourable offers and quotations on the world
the real
those considered representative of
market of
market trend; whereas to this end an average is to be
calculated of offers and quotations on one or more Euro-
pean exchanges for a cif product to a North European
port from the supplier countries considered most repres-
entative as regards international trade; whereas these rules
for determination of the world market price for ginned
cotton provide for adjustments to reflect differences in
product quality and the nature of offers and quotations;

Whereas Article 5 (3) of Regulation (EC) No 1554/95
stipulates that the advance payment rate for the aid is to
be the guide price less the world market price and less a
further amount calculated by the formula applicable
when the guaranteed maximum quantity is overun but
with a 15 % increase in the estimate for unginned cotton
production; whereas Commission Regulation (EC) No
1670/97 (6) determined estimated production for
the
1997/98 marketing year; whereas application of
these
rules gives the advance payment rates for each Member
State indicated 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 at
ECU 33,793 per 100 kilograms.

2. Advance payment of the aid as indicated in Article 5
(3) of Regulation (EC) No 1554/95 shall be at the rate of:

(cid:190) ECU 33,601 per 100 kilograms in Spain,

(cid:190) ECU 39,660 per 100 kilograms in Greece,

(cid:190) ECU 72,507 per 100 kilograms in other Member

States.

Article 2

(1) OJ L 148, 30. 6. 1995, p. 45.
(2) OJ L 148, 30. 6. 1995, p. 48.
(3) OJ L 206, 16. 8. 1996, p. 16.
(4) OJ L 123, 4. 5. 1989, p. 23.
(5) OJ L 244, 6. 9. 1997, p. 1.

This Regulation shall enter into force on 19 February
1998.

(6) OJ L 237, 28. 8. 1997, p. 1.

19. 2. 98

EN

Official Journal of the European Communities

L 48/45

This Regulation shall be binding in its entirety and directly applicable in all Member
States.

Done at Brussels, 18 February 1998.

For the Commission

Franz FISCHLER

Member of the Commission