Commission Regulation (EC) No 589/98 of 13 March 1998 fixing the agricultural conversion rates
Date: 1998-03-13
Institutions: European Commission
Subjects: agri-monetary policy, primary sector, representative rate

L 77/26

EN

Official Journal of the European Communities

14. 3. 98

COMMISSION REGULATION (EC) No 589/98

of 13 March 1998

fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to 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 (1), as last amended by Regu-
lation (EC) No 150/95 (2), and in particular Article 3 (1)
thereof,

Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 550/98 (3);

Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig-
gered, the agricultural conversion rate for a currency is to
be adjusted where the monetary gap between it and the
representative market rate exceeds certain levels;

Whereas the representative market rates are determined
on the basis of basic reference periods or, where ap-
plicable, confirmation periods, established in accordance
with Article 2 of Commission Regulation (EEC) No 1068/
93 of 30 April 1993 on detailed rules for determining and
applying the agricultural conversion rates (4), as
last
amended by Regulation (EC) No 1482/96 (5); whereas
paragraph 2 of that Article provides that, in cases where
the absolute value of the difference between the monetary
gaps in two Member States, calculated from the average of
the ecu rates for three consecutive quotation days, exceeds
six points,
the representative market rates are to be
adjusted on the basis of the three quotation days in ques-
tion;

Whereas, as a consequence of the exchange rates recorded
from 11 to 13 March 1998, it is necessary to fix a new
agricultural conversion rate for the Greek drachma, the
Portuguese escudo and the Spanish peseta;

Whereas Article 15 (2) of Regulation (EEC) No 1068/93
provides that an agricultural conversion rate fixed in
advance is to be adjusted if the gap between that rate and
the agricultural conversion rate in force at the time of the
operative event applicable for the amount concerned
exceeds four points; whereas, in that event, the agricul-
tural conversion rate fixed in advance is brought more
closely into line with the rate in force, up to the level of a
gap of four points with that rate; whereas the rate which
replaces the agricultural conversion rate fixed in advance
should be specified,

HAS ADOPTED THIS REGULATION:

Article 1

The agricultural conversion rates are fixed in Annex I
hereto.

Article 2

In the case referred to in Article 15 (2) of Regulation
(EEC) No 1068/93, the agricultural conversion rate fixed
in advance shall be replaced by the ecu rate for the
currency concerned, shown in Annex II:
(cid:190) Table A, where the latter rate is higher than the rate

fixed in advance,

(cid:190) Table B, where the latter rate is lower than the rate

fixed in advance.

Regulation (EC) No 550/98 is hereby repealed.

Article 3

This Regulation shall enter into force on 14 March 1998.

Article 4

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

Done at Brussels, 13 March 1998.

For the Commission
Franz FISCHLER

Member of the Commission

(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 72, 11. 3. 1998, p. 15.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.

14. 3. 98

EN

Official Journal of the European Communities

L 77/27

ANNEX I

Agricultural conversion rates

ECU 1=

40,9321

7,54917
1,98243

312,979
202,528

6,68769
6,02811
2,23273
0,796521

1 973,93

13,9485

167,836

8,79309
0,695735

Belgian and
Luxembourg francs
Danish kroner
German marks
Greek drachmas
Portuguese escudos
French francs
Finnish marks
Dutch guilders
Irish punt
Italian lire
Austrian schillings
Spanish pesetas
Swedish kroner
Pound sterling

ANNEX II

Agricultural conversion rates fixed in advance and adjusted

Table A

Table B

ECU 1 = 39,3578

7,25882
1,90618

300,941
194,738

6,43047
5,79626
2,14686
0,765886

1 898,01

13,4120

161,381

8,45489
0,668976

Belgian and
Luxembourg francs
Danish kroner
German marks
Greek drachmas
Portuguese escudos
French francs
Finnish marks
Dutch guilders
Irish punt
Italian lire
Austrian schillings
Spanish pesetas
Swedish kroner
Pound sterling

ECU 1 = 42,6376

7,86372
2,06503

326,020
210,967

6,96634
6,27928
2,32576
0,829709

2 056,18

14,5297

174,829

9,15947
0,724724

Belgian and
Luxembourg francs
Danish kroner
German marks
Greek drachmas
Portuguese escudos
French francs
Finnish marks
Dutch guilders
Irish punt
Italian lire
Austrian schillings
Spanish pesetas
Swedish kroner
Pound sterling