Commission Regulation (EC) No 2707/98 of 15 December 1998 determining the world market price for unginned cotton and the rate for the aid
Date: 1998-12-15
Institutions: European Commission
Subjects: Greece, Spain, aid system, cotton, world market price

16. 12. 98

EN

Official Journal of the European Communities

L 340/21

COMMISSION REGULATION (EC) No 2707/98

of 15 December 1998

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

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

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

Having regard to the Treaty establishing the European
Community,

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
considered most
representative as regards international trade; whereas these
rules for determination of the world market price for
ginned cotton provide for adjustments to reflect differ-
ences in product quality and the nature of offers and

from the

countries

supplier

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

Whereas the second subparagraph of Article 5(3a) 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 overrun but with a minimum 7,5 % increase
in the revised estimate for unginned cotton production;
whereas Commission Regulation (EC) No 2591/98 (6)
fixes the revised estimate of production of unginned
cotton for the 1998/99 marketing year and the relevant
percentage increase; 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 21,820 per 100 kilograms.

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

— ECU 62,370 per 100 kilograms in Spain,

— ECU 52,165 per 100 kilograms in Greece,

— ECU 84,480 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 16 December
1998.

(6) OJ L 324, 2. 12. 1998, p. 25.

L 340/22

EN

Official Journal of the European Communities

16. 12. 98

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

Done at Brussels, 15 December 1998.

For the Commission

Franz FISCHLER

Member of the Commission