Commission Regulation (EC) No 2372/98 of 30 October 1998 determining the world market price for unginned cotton and the rate for the aid
Date: 1998-10-30
Institutions: European Commission
Subjects: EU Member State, Greece, Spain, aid system, cotton, world market price

31. 10. 98

EN

Official Journal of the European Communities

L 293/75

COMMISSION REGULATION (EC) No 2372/98

of 30 October 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 last amended by Regulation (EC) No 1419/
98 (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 1664/98 (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
market of
the real
those considered representative 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 (3a), first sentence, 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 Regu-
lation (EC) No 1844/98 (6) determined estimated produc-
tion for the 1998/99 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 22,106 per 100 kilograms.

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

— ECU 48,477 per 100 kilograms in Spain,

— ECU 47,414 per 100 kilograms in Greece,

— ECU 84,194 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 190, 4. 7. 1998, p. 4.
(4) OJ L 123, 4. 5. 1989, p. 23.
(5) OJ L 211, 29. 7. 1998, p. 9.

This Regulation shall enter into force on 1 November
1998.

(6) OJ L 240, 28. 8. 1998, p. 3.

L 293/76

EN

Official Journal of the European Communities

31. 10. 98

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

Done at Brussels, 30 October 1998.

For the Commission

Franz FISCHLER

Member of the Commission