CELEX: 31993R1077
Language: en
Date: 1993-05-01 00:00:00
Title: Commission Regulation (EEC) No 1077/93 of 30 April 1993 fixing the agricultural conversion rates

1 . 5. 93                             Official Journal of the European Communities                             No L 108/ 127
                                    COMMISSION REGULATION (EEC) No 1077/93
                                                        of 30 April 1993
                                           fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       operative event applicable for the currency concerned
 Having regard to the Treaty establishing the European
                                                                   exceeds four points ; whereas, in that event, the agricul­
 Economic Community,
                                                                   tural conversion rate fixed in advance is brought more
                                                                   closely into line with the rate in force, up to the level of a
 Having regard to Council Regulation (EEC) No 3813/92              gap of four points with that rate ; whereas the rate which
 of 28 December 1992 on the unit of account and the                replaces the agricultural conversion rate fixed in advance
 conversion rates to be applied for the purposes of the            should be specified,
 common agricultural policy ('), and in particular Article 3
 (1 ) thereof,                                                     HAS ADOPTED THIS REGULATION :
 Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EEC) No 981 /93 (2);                                                Article 1
 Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92             The agricultural conversion rates are fixed in Annex I
 provides that the agricultural conversion rate for a floating     hereto.
 currency shall be adjusted where the monetary gap with
 the representative market rate for the last reference period                               Article 2
 of a month exceeds two points ; whereas, in that case, the
 new agricultural conversion rate is fixed so as to reduce         In the case referred to in Article 15 (2) of Regulation
 that monetary gap by half ;                                       (EEC) No 1068/93, the agricultural conversion rate fixed
                                                                   in advance shall be replaced by the ecu rate for the
 Whereas the representative market rates are determined            currency concerned, shown in Annex II :
 on the basis of reference periods determined in accord­           — Table A, where the latter rate is higher than the rate
 ance with Commission Regulation (EEC) No 1068/93 of                   fixed in advance,
 30 April 1993, on detailed rules for determining and                  or
 applying the agricultural conversion rates (3) ;
                                                                   — Table B, where the latter rate is lower than the rate
 Whereas, as a consequence of the exchange rates recorded              fixed in advance .
 during the reference period 21 to 30 April 1993, it is
 necessary to fix a new agricultural conversion rate for the                                Article 3
 Italian lira ;
                                                                   Regulation (EEC) No 981 /93 is hereby repealed.
 Whereas Article 15 (2) of Regulation (EEC) No 1068/93
 provides that an agricultural conversion rate fixed in                                     Article 4
 advance shall be adjusted if the gap between that rate and
 the agricultural conversion rate in force at the time of the      This Regulation shall enter into force on 1 May 1993.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 30 April 1993.
                                                                            For the Commission
                                                                               Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 101 , 27. 4. 1993, p. 10.
(3) See page 106 of this Official Journal.
 ---pagebreak--- No L 108/ 128                    Official Journal of the European Communities                                1 . 5. 93
                                                       ANNEX I
                                             Agricultural conversion rates
                                      ECU 1         48,5563     Belgian and
                                                                Luxembourg francs
                                                     8,97989    Danish kroner
                                                     2,35418   German marks
                                                   314,412     Greek drachmas
                                                   169,628     Spanish pesetas
                                                     7,89563    French francs
                                                     0,957268   Irish punt
                                                 2 230,20       Italian lire
                                                     2,65256    Dutch guilders
                                                   214,525     Portuguese escudos
                                                     0,964017  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
                     302,319      Greek drachmas                             327,513      Greek drachmas
                     163,104      Spanish pesetas                            176,696      Spanish pesetas
                       7,59195    French francs                                8,22461    French francs
                       0,920450 Irish punt                                     0,997154 Irish punt
                   2 144,42       Italian lire                             2 323,13       Italian lire
                       2,55054    Dutch guilders                               2,76308    Dutch guilders
                     206,274      Portuguese escudos                         223,464      Portuguese escudos
                       0,926939   Pound sterling                               1,00418    Pound sterling