CELEX: 31993R2249
Language: en
Date: 1993-08-11 00:00:00
Title: Commission Regulation (EEC) No 2249/93 of 10 August 1993 fixing the agricultural conversion rates

No L 201 / 12                        Official Journal of the European Communities                                  11 . 8 . 93
                                   COMMISSION REGULATION (EEC) No 2249/93
                                                     of 10 August 1993
                                         fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                     Whereas Article 15 (3) of Regulation (EEC) No 1068/93
                                                                 provides that an agricultural conversion rate fixed in
 Having regard to the Treaty establishing the European           advance shall be adjusted if the gap between that rate and
 Economic Community,                                             the agricultural conversion rate in force at the time of the
 Having regard to Council Regulation (EEC) No 3813/92            operative event applicable for the currency concerned
 of 28 December 1992 on the unit of account and the              exceeds four points ; whereas, in that event, the agricul­
 conversion rates to be applied for the purposes of the          tural conversion rate fixed in advance is brought more
 common agricultural policy ('), and in particular Article 3     closely into line with the rate in force, up to the level of a
 (1 ) thereof,                                                   gap of four points with that rate ; whereas the rate which
                                                                 replaces the agricultural conversion rate fixed in advance
 Whereas the agricultural conversion rates were fixed by         should be specified,
 Commission Regulation (EEC) No 2121 /93 (2);
 Whereas Article 4 (3) of Regulation (EEC) No 3813/92            HAS ADOPTED THIS REGULATION :
 stipulates that if, over a reference period, the absolute
 value of the difference in the gaps between the currencies                               Article 1
 of any two Member States exceeds four points, any mone­
 tary gaps for the Member States concerned that exceed           The agricultural conversion rates are fixed in Annex I
 two points shall immediately be reduced to two points ;         hereto.
 whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,
 the term 'monetary gap' is defined as the percentage of                                  Article 2
 the agricultural conversion rate representing the differ­
 ence between that rate and the representative market rate ;     In the case referred to in Article 15 (3) of Regulation
                                                                 (EEC) No 1068/93, the agricultural conversion rate fixed
Whereas the representative market rates are determined           in advance shall be replaced by the ecu rate for the
 on the basis of reference periods determined in accord­         currency concerned, shown in Annex II :
 ance with Commission Regulation (EEC) No 1068/93 of             — Table A, where the latter rate is higher than the rate
 30 April 1993 on detailed rules for determining and                 fixed in advance,
 applying the agricultural conversion rates (3) ;                    or
Whereas, in view of the decision by the Ministers of             — Table B, where the latter rate is lpwer than the rate
 Finance on 2 August 1993, all the Member States' curren­            fixed in advance.
cies are to be regarded floating flooting currencies in
accordance with Article 1 (b) of Regulation (EEC)                                         Article 3
No 3813/92 ;
                                                                 Regulation (EEC) No 2121 /93 is repealed.
Whereas, as a consequence of the exchange rates recorded
during the reference period 1 to 10 August 1993, it is                                    Article 4
necessary to fix a new agricultural conversion rate for the
 French and the Danish krone :                                   This Regulation shall enter into force on 11 August 1993.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels, 10 August 1993 .
                                                                          For the Commission
                                                                             Rene STEICHEN
                                                                      Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
O OJ No L 191 , 31 . 7. 1993, p. 52.
O OJ No L 108, 1 . 5. 1993, p. 106.
 ---pagebreak--- 11 . 8 . 93                        Official Journal of the European Communities                               No L 201 / 13
                                                        ANNEX I
                                              Agricultural conversion rates
                                       ECU 1 =       48,5563     Belgian and
                                                                 Luxembourg francs
                                                      9,14292    Danish kroner
                                                      2,35418    German marks
                                                    319,060      Greek drachmas
                                                    190,382      Spanish pesetas
                                                      7,95622    French francs
                                                      0,976426   Irish punt
                                                  2 166,58       Italian lire
                                                      2,65256 Dutch guilders
                                                    236,933      Portuguese escudos
                                                      0,920969 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
                        8,79127    Danish kroner                                9,52388    Danish kroner
                        2,26363    German marks                                 2,45227    German marks
                      306,788      Greek drachmas                             332,354      Greek drachmas
                      183,060      Spanish pesetas                            198,315      Spanish pesetas
                        7,65021    French francs                                8,28773    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
                      227,820      Portuguese escudos                         246,805      Portuguese escudos
                        0,885547   Pound sterling                               0,959343   Pound sterling