CELEX: 31995R0644
Language: en
Date: 1995-03-24 00:00:00
Title: COMMISSION REGULATION (EC) No 644/95 of 24 March 1995 fixing the agricultural conversion rates

No L 67/22          IEN                 Official Journal of the European Communities                                  25. 3 . 95
                                         COMMISSION REGULATION (EC) No 644m
                                                        of 24 March 1995
                                           fixing the agricultural conversion rates
  THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        No 3813/92 applies ; whereas it is necessary to fix a new
                                                                    agricultural conversion rate for the Italian lira, the Greek
                                                                    drachma, the Spanish peseta, the Swedish krona, the
                                                                     pound sterling and the Irish pound ;
  Having regard to the Treaty establishing the European
  Community,
                                                                    Whereas Article 15 (2) of Regulation (EEC) No 1068/93
                                                                    provides that an agricultural conversion rate fixed in
                                                                    advance is to be adjusted if the gap between that rate and
  Having regard to Council Regulation (EEC) No 3813/92              the agricultural conversion rate in force at the time of the
  of 28 December 1992 on the unit of account and the                operative event applicable for the amount concerned
  conversion rates to be applied for the purposes of the            exceeds four points ; whereas, in that event, the agricul­
  common agricultural policy ('), as last amended by Regu­          tural conversion rate fixed in advance is brought more
  lation (EC) No 150/95 (2), and in particular Article 3 (1 )       closely into line with the rate in force, up to the level of a
  thereof,                                                          gap of four points with that rate ; whereas the rate which
                                                                    replaces the agricultural conversion rate fixed in advance
                                                                    should be specified,
 Whereas the agricultural conversion rates were fixed by
  Commission Regulation (EC) No 580/95 (3) ;
                                                                    HAS ADOPTED THIS REGULATION :
 Whereas Article 4 of Regulation (EEC) No 3813/92
 provides that, subject to confirmation periods being trig­
 gered, the agricultural conversion rate for a currency is to                                Article 1
 be adjusted where the monetary gap between it and the
 representative market rate exceeds certain levels ;                The agricultural conversion rates are fixed in Annex I
                                                                    hereto.
 Whereas the representative market rates are determined
 on the basis of basic reference periods or, where appli­                                    Article 2
 cable, confirmation periods, established in accordance
 with Article 2 of Commission Regulation (EEC) No                   1 . In the case referred to in Article 15 (3) of Regulation
 1068/93 of 30 April 1993 on detailed rules for deter­              (EEC) No 1068/93, the agricultural conversion rate fixed
 mining and applying the agricultural conversion rates (4),         in advance shall be replaced by the ecu rate for the
 as last amended by Regulation (EC) No 1 57/95 (*) ;                currency concerned, shown in Annex II :
 whereas paragraph 2 of that Article provides that, in cases
 where the absolute value of the difference between the             — Table A, where the latter rate is higher than the rate
 monetary gaps in two Member States, calculated from the                 fixed in advance,
 average of the ecu rates for three consecutive quotation
 days, exceeds six points, the representative market rates         — Table B, where the latter rate is lower than the rate
                                                                         fixed in advance.
 are to be adjusted on the basis of the three quotation days
 in question ;
                                                                    2. However, in the case of agricultural conversion rates
                                                                    fixed in advance before 1 February 1995, the ecu rates
                                                                    listed in Annex II shall be replaced by those set out in
Whereas, as a consequence of the exchange rates recorded           Annex III.
during the reference period 16 to 25 March 1995,
applying Article 4 (1 ), (2) and (3) of Regulation (EEC) No
 3813/92 would result in a considerable reduction in the
                                                                                             Article 3
agricultural conversion rate for the Belgian franc, the
German mark, the Dutch guilder and the Austrian schil­
ling ; whereas, therefore, Article 4 (5) of Regulation (EEC)       Regulation (EC) No 580/95 is hereby repealed.
(')  OJ No  L 387, 31 . 12. 1992, p. 1 .
(2)  OJ No  L 22, 31 . 1 . 1995, p. 1 .                                                      Article 4
O   OJ  No  L 58, 16. 3. 1995, p. 18.
(4) OJ  No  L 108, 1 . 5. 1993, p. 106.
O   OJ  No  L 24, 1 . 2. 1995, p. 1 .                              This Regulation shall enter into force on 26 March 1995.
 ---pagebreak--- 25. 3. 95   I EN I           Official Journal of the European Communities                        No L 67/23
          This Regulation shall be binding in its entirety and directly applicable in all Member
          States.
          Done at Brussels, 24 March 1 995.
                                                                 For the Commission
                                                                   Franz FISCHLER
                                                             Member of the Commission
 ---pagebreak--- No L 67/24      I EN I              Official Journal of the European Communities                                25. 3 . 95
                                                          ANNEX I
                                               Agricultural conversion rates
                                    ECU 1 -         40,8337   Belgian and
                                                              Luxembourg francs
                                                     7,74166  Danish kroner
                                                     1,94962  German marks
                                                   302,187    Greek drachmas
                                                   198,202    Portuguese escudos
                                                     6,61023  French francs
                                                     5,88000  Finnish marks
                                                     2,19672  Dutch guilders
                                                     0,829498 Irish punt
                                                 2 269,92     Italian lire
                                                    13,7190   Austrian schillings
                                                   170,165    Spanish pesetas
                                                    9,58593   Swedish kroner
                                                     0,829882 Pound sterling
                                                          ANNEX II
                             Agricultural conversion rates fixed in advance and adjusted
                               Table A                                                 Table B
            ECU 1 =     39,2632     Belgian and                ECU 1 -         42,5351      Belgian and
          I                          Luxembourg francs                                      Luxembourg francs
                         7,44390    Danish kroner                               8,06423     Danish kroner
                         1,87463    German marks                                2,03085     German marks
                       290,564      Greek drachmas                           314,778        Greek drachmas
                       190,579      Portuguese escudos                       206,460        Portuguese escudos
                         6,35599    French francs                               6,88566     French francs
                         5,65385    Finnish marks                               6,12500     Finnish marks
                         2,11223    Dutch guilders                              2,28825     Dutch guilders
                         0,797594   Irish punt .                                0,864060    Irish punt
                     2182,62        Italian lire                           2 364,50         Italian lire
                        13,1913     Austrian schillings                        14,2906      Austrian schillings
                       163,620      Spanish pesetas                           177,255       Spanish pesetas
                         9,21724    Swedish kroner                              9,98534     Swedish kroner
                         0,797963   Pound sterling                              0,864460    Pound sterling
 ---pagebreak--- 25. 3. 95     I EN I               Official Journal of the European Communities                             No L 67/25
                                                        ANNEX III
          Agricultural conversion rates fixed in advance and adjusted where they were fixed in advance
                                                  before 1 February 1995
                               Table A                                             Table B
          ECU 1 =       47,4107     Belgian and               ECU 1 =       51,3615     Belgian and
                                     Luxembourg francs                                  Luxembourg francs
                         8,98858    Danish kroner                            9,73763    Danish kroner
                         2,26363    German marks                             2,45227    German marks
                       350,859      Greek drachmas                         380,097      Greek drachmas
                       230,126      Portuguese escudos                     249,302      Portuguese escudos
                         7,67492     French francs                           8,31450    French francs
                         6,82707     Finnish marks                           7,39599    Finnish marks
                         2,55054     Dutch guilders                          2,76308    Dutch guilders
                         0,963102    Irish punt                              1,04336    Irish punt
                     2 635,53        Italian lire                        2 855,16       Italian lire
                        15,9286     Austrian schillings                     17,2560     Austrian schillings
                       197,573      Spanish pesetas                        214,037      Spanish pesetas
                        11,1299     Swedish kroner                          12,0574     Swedish kroner
                         0,963548    Pound sterling                          1,04384    Pound sterling