Commission Regulation (EC) No 1639/1999 of 26 July 1999 fixing the maximum compensatory aid resulting from the rates for the conversion of the euro into national currency units and the exchange rates applicable on 1 July 1999
Date: 1999-07-26
Institutions: European Commission
Subjects: agri-monetary policy, euro, exchange rate, monetary compensatory amount, representative rate

27. 7. 1999

EN

Official Journal of the European Communities

L 194/33

COMMISSION REGULATION (EC) No 1639/1999

of 26 July 1999

fixing the maximum compensatory aid resulting from the rates for the conversion of the euro into
national currency units and the exchange rates applicable on 1 July 1999

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Having regard to Council Regulation (EC) No 2799/98 of
15 December 1998 establishing agrimonetary arrangements for
the euro (1), and in particular Article 5 thereof,

Having regard to Council Regulation (EC) No 2800/98 of
15 December 1998 on transitional measures to be applied
under the common agricultural policy with a view to the
introduction of the euro (2), and in particular Article 3 thereof,

(1) Whereas Article 3(1) of Regulation (EC) No 2800/98
provides that compensatory aid is to be paid where the
conversion rate for the euro into national currency units
or the exchange rate applicable on the date of the opera-
is below the rate previously applicable;
tive event
whereas, however,
that provision does not apply to
amounts to which a rate lower than the new rate applied
in the 24 months preceding the new rate's entry into
force;

(2) Whereas the conversion rate for the euro into national
currency units applicable from 1 January 1999 is below
the rate previously applicable for Belgium, France,
Ireland,
Italy, Luxembourg and Finland; whereas the
exchange rates for the Danish krone, the Swedish krona
and the pound sterling applicable on 1 July 1999, the
date of the operative event, are below the rates previ-
ously applicable;

(3) Whereas the compensatory aid is to be granted on the
terms set out in Regulation (EC) No 2799/98, Commis-
sion Regulation (EC) No 2808/98 of 22 December 1998
laying down detailed rules for the application of the

agrimonetary system for the euro in agriculture (3), as
last amended by Regulation (EC) No 1410/1999 (4), and
Commission Regulation (EC) No 2813/98 of 22
December 1998 laying down detailed rules for applying
the transitional measures for the introduction of the
euro to the common agricultural policy (5);

(4) Whereas the amounts of compensatory aid are estab-
lished in accordance with Articles 5 and 9 of Regulation
(EC) No 2799/98, Article 10 of Regulation (EC) No
2808/98 and Article 4 of Regulation (EC) No 2813/98;

(5) Whereas the measures provided for in this Regulation
the relevant

are in accordance with the opinion of
management committees,

HAS ADOPTED THIS REGULATION:

Article 1

The maximum amounts of the first tranche of compensatory
aid to be granted as a result of the reduction recorded on the
date of the operative event, 1 July 1999,
in the conversion
rates for the euro in force from 1 January 1999 in Belgium,
France,
Italy, Luxembourg and Finland and in the
exchange rates for the Danish krone, the Swedish krona and
the pound sterling as against the agricultural conversion rates
previously applicable shall be as set out in the Annex hereto.

Ireland,

Article 2

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, 26 July 1999.

For the Commission

Franz FISCHLER

Member of the Commission

(1) OJ L 349, 24.12.1998, p. 1.
(2) OJ L 349, 24.12.1998, p. 8.

(3) OJ L 349, 24.12.1998, p. 36.
(4) OJ L 164, 30.6.1999, p. 53.
(5) OJ L 349, 24.12.1998, p. 48.

L 194/34

EN

Official Journal of the European Communities

27. 7. 1999

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