Commission Regulation (EC) No 1426/98 of 3 July 1998 fixing the maximum amount of compensatory aid for the appreciable revaluation of the pound sterling on 3 May 1998
Date: 1998-07-03
Institutions: European Commission
Subjects: United Kingdom, aid to agriculture, monetary compensatory amount, representative rate

4. 7. 98

EN

Official Journal of the European Communities

L 190/17

COMMISSION REGULATION (EC) No 1426/98

of 3 July 1998

fixing the maximum amount of compensatory aid for the appreciable revaluation
of the pound sterling on 3 May 1998

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 revaluations
farm
incomes (1), as last amended by Regulation (EC) No 942/
98 (2), and in particular Article 7 thereof,

that affect

Whereas Regulation (EC) No 724/97 lays down that the
Member States may grant aid to farmers to compensate
for an appreciable revaluation; whereas such compen-
satory aid is to be granted under the conditions indicated
in that Regulation and in Commission Regulation (EC)
No 805/97 of 2 May 1997 laying down detailed rules for
compensation relating to appreciable revaluations (3);

Whereas the amount of compensatory aid is calculated in
accordance with Articles 4, 5 and 6 of Regulation (EC) No
724/97 and includes a principal amount and, where
appropriate, supplementary amounts under the second
subparagraph of Article 3(2) of that Regulation;

Whereas, to facilitate the preparations for granting this
compensatory aid, the maximum principal amount of the
first instalment thereof should be fixed on the basis of the
latest data available on the sterling pound revaluation that
occurred on 3 May 1998; whereas this maximum amount
is established without prejudice to a reduction or cancella-
tion in case of an increase in the agricultural conversion
rate in the observation period referred to in Article 4(3) of
Regulation (EC) No 724/97, without prejudice to account
being taken of the situation on the market in the same
observation period and without prejudice to the pos-

sibility of granting supplementary amounts under the
second subparagraph of Article 3(2) of that Regulation;

Whereas, to apply Regulation (EC) No 805/97, the period
referred to in Article 3(1) of that Regulation must be
specified so that the aid is linked to previous production;

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

HAS ADOPTED THIS REGULATION:

Article 1

For the United Kingdom, the principal amount of the
first instalment of compensatory aid within the meaning
of Article 1(2) of Regulation (EC) No 805/97 shall be a
maximum of ECU 2,1 million in the case of the appreci-
able revaluation that occurred on 3 May 1998.

Article 2

1.
The amount fixed by this Regulation is established
without prejudice to the effects of Article 4(3) of Regula-
tion (EC) No 724/97.

To grant

2.
the compensatory aid the maximum
amount of which is fixed by this Regulation, the period
referred to in Article 3(1) of Regulation (EC) No 805/97
shall end on 30 April 1998 at the latest.

Article 3

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

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

Done at Brussels, 3 July 1998.

For the Commission

Franz FISCHLER

Member of the Commission

(1) OJ L 108, 25. 4. 1997, p. 9.
(2) OJ L 132, 6. 6. 1998, p. 1.
(3) OJ L 115, 3. 5. 1997, p. 13.