ALSO AS A BASIS FOR THE CALCULATION OF MONETARY COMPENSATORY AMOUNTS IF SUCH A SITUATION ARISES ;
WHEREAS , PURSUANT TO ARTICLE 5 OF REGULATION ( EEC ) NO 1380/75 , THE MONETARY COMPENSATORY AMOUNTS OF THE UNITED KINGDOM AND OF IRELAND SHALL BE ALTERED BY THE COMMISSION IN LINE WITH THE CHANGES RECORDED IN RESPECT OF EACH OF THE TWO CURRENCIES IF , FOR ONE OF THE TWO MEMBER STATES , THE GAP REFERRED TO IN ARTICLE 2 ( 1 ) OF REGULATION ( EEC ) NO 974/71 DEPARTS BY ONE POINT AT LEAST FROM THE PERCENTAGE USED FOR THE PREVIOUS FIXING ; WHEREAS , SINCE THE TIME IRELAND JOINED THE MEMBER STATES WHOSE CURRENCIES ARE MAINTAINED WITHIN A MAXIMUM DEVIATION AT ANY GIVEN MOMENT OF 2.25 % OF EACH OTHER , THE LINK WITH THE POUND STERLING HAS APPEARED NO LONGER TO EXIST AS IT HAS DONE HITHERTO ; WHEREAS THERE IS NO JUSTIFICATION , THEREFORE , FOR THE CONTINUED EXISTENCE OF THE ABOVE PROVISION ;
WHEREAS IT IS NECESSARY TO DEFINE THE RULES APPLICABLE WHERE RATES DIFFERENTIATED ACCORDING TO THE PRODUCTS EXIST AND THE DIFFERENCE OF ONE POINT , TRIGGERING AN ALTERATION IN THE COMPENSATORY AMOUNTS , IS REACHED FOR ONLY ONE OF THESE RATES ; WHEREAS , IN ORDER TO AVOID TOO FREQUENT ALTERATIONS IN THE MONETARY COMPENSATORY AMOUNTS AND IN ORDER TO MAINTAIN IN THE MEMBER STATE CONCERNED THE RELATION BETWEEN THE PRICES FOR THE VARIOUS PRODUCTS RESULTING FROM THE APPLICATION OF DIFFERENT RATES , IT IS NECESSARY TO FOLLOW THE PRINCIPLE OF SIMULTANEOUS ALTERATIONS FOR ALL THE MONETARY COMPENSATORY AMOUNTS OF THE MEMBER STATE CONCERNED ; WHEREAS IT IS APPROPRIATE TO ADJUST THE MONETARY COMPENSATORY AMOUNTS ACCORDING TO THE ABOVE RULE ONLY IF THE DIFFERENCE OF ONE POINT IS REACHED FOR THE MONETARY COMPENSATORY AMOUNT OF THE SECTOR IN WHICH THE REPRESENTATIVE RATE MOST CLOSELY REFLECTS THE ECONOMIC REALITY OF THE CURRENCY CONCERNED ;
WHEREAS THE MEASURES PROVIDED FOR IN THIS REGULATION ARE IN ACCORDANCE WITH THE OPINIONS OF THE RELEVANT MANAGEMENT COMMITTEES ,
HAS ADOPTED THIS REGULATION :
ARTICLE 1
REGULATION ( EEC ) NO 1380/75 IS HEREBY AMENDED AS FOLLOWS :
1 . THE TEXT OF ARTICLE 3 IS REPLACED BY THE FOLLOWING TEXT :
' THE SPOT RATES OF EXCHANGE OF THE CURRENCIES OF THE OTHER MEMBER STATES IN RELATION TO EACH OF THE CURRENCIES OF THE MEMBER STATES WHICH ARE MAINTAINED WITHIN A MAXIMUM DEVIATION AT ANY GIVEN MOMENT FOR SPOT RATE TRANSACTIONS OF 2.25 % OF EACH OTHER SHALL BE DERIVED FROM THE RATES FOR THE ECU CALCULATED DAILY BY THE COMMISSION IN TERMS OF THE CURRENCIES CONCERNED AND PUBLISHED IN THE " C " SERIES OF THE OFFICIAL JOURNAL OF THE EUROPEAN COMMUNITIES . '
2 . THE TEXT OF ARTICLE 5 IS REPLACED BY THE FOLLOWING TEXT :
' DURING THE PERIOD OF APPLICATION OF REPRESENTATIVE RATES DIFFERENTIATED ACCORDING TO THE PRODUCTS FOR A MEMBER STATE , NO ALTERATION IN THE MONETARY COMPENSATORY AMOUNTS PURSUANT TO ARTICLE