CELEX: 31993R1966
Language: en
Date: 1993-07-21 00:00:00
Title: Commission Regulation (EEC) No 1966/93 of 20 July 1993 fixing the agricultural conversion rates

No L 177/24                            Official Journal of the European Communities                                  21 . 7. 93
                                  COMMISSION REGULATION (EEC) No 1966/93
                                                       of 20 July 1993
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       advance shall be adjusted if the gap between that rate and
                                                                  the agricultural conversion rate in force at the time of the
Having regard to the Treaty establishing the European             operative event applicable for the currency concerned
Economic Community,                                               exceeds four points ; whereas, in that event, the agricul­
                                                                  tural conversion rate fixed in advance is brought more
Having regard to Council Regulation (EEC) No 3813/92              closely into line with the rate in force, up to the level of a
of 28 December 1992 on the unit of account and the               gap of four points with that rate ; whereas the rate which
conversion rates to be applied for the purposes of the            replaces the agricultural conversion rate fixed in advance
common agricultural policy ('), and in particular Article 3       should be specified,
(1 ) thereof,
Whereas the agricultural conversion rates were fixed by           HAS ADOPTED THIS REGULATION :
Commission Regulation (EEC) No 1702/93 (2);
                                                                                            Article 1
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
stipulates that if, over a reference period, the absolute        The agricultural conversion rates are fixed in Annex I
value of the difference in the gaps between the currencies        hereto.
of any two Member States exceeds four points, any mone­
tary gaps for the Member States concerned that exceed
two points shall immediately be reduced to two points ;                                     Article 2
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,
the term 'monetary gap' is defined as the percentage of           In the case referred to in Article 15 (2) of Regulation
the agricultural conversion rate representing the diffe­         (EEC) No 1068/93, the agricultural conversion rate fixed
rence between that rate and the representative market             in advance shall be replaced by the ecu rate for the
rate ;
                                                                 currency concerned, shown in Annex II :
                                                                 — Table A, where the latter rate is higher than the rate
Whereas the representative market rates are determined                fixed in advance,
on the basis of reference periods determined in accord­               or
ance with Commission Regulation (EEC) No 1068/93 of
                                                                 — Table B, where the latter rate is lower than the rate
30 April 1993 on detailed rules for determining and                   fixed in advance.
applying the agricultural conversion rates (3) ;
Whereas, as a consequence of the exchange rates recorded                                    Article 3
during the reference period 11 to 20 July 1993, it is
necessary to fix a new agricultural conversion rate for the       Regulation (EEC) No 1702/93 is repealed.
pound sterling and the Portuguese escudo ;
                                                                                           Article 4
Whereas Article 15 (2) of Regulation (EEC) No 1068/93
provides that an agricultural conversion rate fixed in           This Regulation shall enter into force on 21 July 1993.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 20 July 1993.
                                                                            For the Commission
                                                                              Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 159, 1 . 7. 1993, p. 59.
(3) OJ No L 108, 1 . 5. 1993, p. 106.
 ---pagebreak--- 21 . 7. 93                       Official Journal of the European Communities                                No L 177/25
                                                      ANNEX I
                                             Agricultural conversion rates
                                      ECU 1    -    48,5563     Belgian and
                                                                Luxembourg francs
                                                     8,97989    Danish kroner
                                                     2,35418   German marks
                                                   319,060     Greek drachmas
                                                   182,744     Spanish pesetas
                                                     7,89563    French francs
                                                     0,976426   Irish punt
                                                 2 166,58       Italian lire
                                                     2,65256    Dutch guilders
                                                   223,071      Portuguese escudos
                                                     0,937041   Pound sterling
                                                      ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                 Table B
           ECU 1 =    46,6888     Belgian and                 ECU 1 =         50,5795     Belgian and
                                   Luxembourg francs                                      Luxembourg francs
                       8,63451    Danish kroner                                9,35405    Danish kroner
                       2,26363    German marks                                 2,45227    German marks
                     306,788      Greek drachmas                             332,354      Greek drachmas
                     175,715      Spanish pesetas                            190,358      Spanish pesetas
                       7,59195    French francs                                8,22461    French francs
                       0,938871   Irish punt                                   1,01711    Irish punt
                   2 083,25       Italian lire                             2 256,85       Italian lire
                       2,55054    Dutch guilders                               2,76308 Dutch guilders
                     214,491      Portuguese escudos                         232,366      Portuguese escudos
                       0,901001   Pound sterling                               0,976084 Pound sterling