Commission Regulation (EC) No 487/98 of 27 February 1998 setting the agricultural conversion rates applicable to certain aids in the United Kingdom and the resulting maximum amounts of compensatory aid
Date: 1998-02-27
Institutions: European Commission
Subjects: United Kingdom, aid system, monetary compensatory amount, representative rate

28. 2. 98

EN

Official Journal of the European Communities

L 60/63

COMMISSION REGULATION (EC) No 487/98

of 27 February 1998

setting the agricultural conversion rates applicable to certain aids in the United
Kingdom and the resulting maximum amounts of compensatory aid

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to Council Regulation (EC) No 724/97 of
22 April 1997 determining measures and compensation
relating to appreciable revaluation’s
farm
incomes (1), and in particular Article 7 thereof,

that affect

revaluation’s (4) provides

referred to in Article 7 of Regulation (EEC) No 3813/92;
whereas Commission Regulation (EC) No 805/97 of 2
May 1997 laying down detailed rules for compensation
relating to appreciable
for
supplementary amounts of compensatory aid to be paid
in addition to that compensation; whereas the maximum
supplementary amount of the first tranche of compens-
atory aid for the reduction in the aid referred to in Article
7 of Regulation (EEC) No 3813/92 for which the oper-
ative event occurs on 1 January or 4 January 1998 should
be fixed for the United Kingdom;

Whereas the measures provided for in this Regulation are
in accordance with the opinion of the relevant manage-
ment committees,

appreciable

Whereas pursuant to Article 3(1) first subparagraph of
Regulation (EC) No 724/97 as regards the pound sterling,
the agricultural conversion rates applicable to the aid
referred to in Article 7 of Council Regulation (EEC) No
3813/92 of 28 December 1992 on the unit of account
and the conversion rates to be applied for the purposes of
the common agricultural policy (2), as last amended by
Regulation (EC) No 150/95 (3), shall not be reduced as a
result of
currency
concerned; whereas, however, Article 3(1) second subpara-
graph of Regulation (EC) No 724/97 provides for a reduc-
tion in the agricultural conversion rate applicable to one
of the aids referred to in Article 7 of Regulation (EEC)
No 3813/92 where, because of measures taken following
an appreciable revaluation, that rate exceeds the current
agricultural conversion rate by more than 11,5 %;
whereas, in such cases, the conversion rate to be applied
is equal to the current agricultural conversion rate plus
11,5 %;

revaluation’s of

the

HAS ADOPTED THIS REGULATION:

Article 1

The agricultural conversion rate of ECU 1 = £ 0,809915,
applicable on 31 December 1997 and on 3 January 1998
to the aids referred to in Article 7 of Regulation (EEC)
No 3813/92 for which the operative event occurs respect-
ively on 1 January 1998 and 4 January 1998, shall be
replaced from these latest dates in respect of the aids
concerned by ECU 1 = £ 0,775745.

Whereas the agricultural conversion rates for the pound
sterling applicable to some of the aids referred to in
Article 7 of Regulation (EEC) No 3813/92 were reduced
from 1 January and 4 January 1998 to avoid differences
of more than 11,5 % from the agricultural conversion
rates current on that date; whereas, in order to facilitate
the administration of the aids concerned, the rates applic-
able for them from 1 January and 4 January 1998 should
be specified and fixed;

Article 2

The maximum supplementary amount of
the first
tranche of compensatory aid that may be granted as a
result of the reduction in the agricultural conversion rate
referred to in Article 1 shall be ECU 46,82 million for
the United Kingdom.

Whereas Article 4(2) of Regulation (EC) No 724/97
provides for compensation for the effects of the reduction
in the agricultural conversion rates applicable to the aids

(1) OJ L 108, 25. 4. 1997, p. 9.
(2) OJ L 387, 31. 12. 1992, p. 1.
(3) OJ L 22, 31. 1. 1995, p. 1.

This Regulation shall enter into force on the seventh day
following its publication in the Official Journal of the
European Communities.

(4) OJ L 115, 3. 5. 1997, p. 13.

Article 3

L 60/64

EN

Official Journal of the European Communities

28. 2. 98

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

Done at Brussels, 27 February 1998.

For the Commission

Franz FISCHLER

Member of the Commission