CELEX: 31993R1239
Language: en
Date: 1993-05-20 00:00:00
Title: Commission Regulation (EEC) No 1239/93 of 19 May 1993 fixing the agricultural conversion rates

20 . 5. 93                             Official Journal of the European Communities                             No L 124/45
                                  COMMISSION REGULATION (EEC) No 1239/93
                                                      of 19 May 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
Commission Regulation (EEC) No 1209/93 (2);                      HAS ADOPTED THIS REGULATION :
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
stipulates that if, over a reference period, the absolute                                  Article 1
value of the difference in the gaps between the currencies
of any two Member States exceeds four points, any mone­          The agricultural conversion rates are fixed in Annex I
tary gaps for the Member States concerned that exceed            hereto.
two points shall immediately be reduced to two points ;
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 diffe­
rence between that rate and the representative market            In the case referred to in Article 15 (2) of Regulation
rate ;
                                                                 (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
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) ;
Whereas, as a consequence of the exchange rates recorded         — Table B, where the latter rate is lower than the rate
during the reference period 18 to 20 May 1993, it is                 fixed in advance.
necessary to fix a new agricultural conversion rate for the
Italian lira and the Spanish peseta ;
                                                                                           Article 3
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 May 1993.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 19 May 1993.
                                                                           For the Commission
                                                                             Rene STEICHEN
                                                                       Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
0 OJ No L 122, 18. 5. 1993, p. 41 .
O OJ No L 108, 1 . 5. 1993, p. 106.
 ---pagebreak--- No L 124/46                     Official Journal of the European Communities                                20. 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
                                                  176,451     Spanish pesetas
                                                    7,89563    French francs
                                                    0,957268   Irish punt
                                                2 194,16       Italian lire
                                                    2,65256 Dutch guilders
                                                  222,758     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
                    169,664      Spanish pesetas                            183,803      Spanish pesetas
                      7,59195    French francs                                8,22461    French francs
                      0,920450   Irish punt                                   0,997154   Irish punt
                  2 109,77       Italian lire                             2 285,58       Italian lire
                      2,55054    Dutch guilders                               2,76308    Dutch guilders
                    214,190      Portuguese escudos                         232,040      Portuguese escudos
                      0,926939   Pound sterling                               1,00418    Pound sterling