CELEX: 31993R1504
Language: en
Date: 1993-06-19
Title: Commission Regulation (EEC) No 1504/93 of 18 June 1993 fixing the agricultural conversion rates

No L 148/30                            Official Journal of the European Communities                                  19 . 6. 93
                                   COMMISSION REGULATION (EEC) No 1504/93
                                                      of 18 June 1993
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas, as a consequence of the exchange rates recorded
                                                                 during the reference period 11 to 20 June 1993, it is
                                                                 necessary to fix a new agricultural conversion rate for the
Having regard to the Treaty establishing the European            Italian lira and the Greek drachma ;
Economic Community,
                                                                 Whereas Article 15 (3) of Regulation (EEC) No 1068/93
                                                                 provides that an agricultural conversion rate fixed in
Having regard to Council Regulation (EEC) No 3813/92             advance shall be adjusted if the gap between that rate and
of 28 December 1992 on the unit of account and the               the agricultural conversion rate in force at the time of the
conversion rates to be applied for the purposes of the           operative event applicable for the currency concerned
common agricultural policy ('), and in particular Article 3      exceeds four points ; whereas, in that event, the agricul­
( 1 ) thereof,                                                   tural conversion rate fixed in advance is brought more
                                                                 closely into line with the rate in force, up to the level of a
                                                                 gap of four points with that rate ; whereas the rate which
Whereas the agricultural conversion rates were fixed by          replaces the agricultural conversion rate fixed in advance
Commission Regulation (EEC) No 1336/93 (2) ;                     should be specified,
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
stipulates that if, over a reference period, the absolute
value of the difference in the gaps between the currencies       HAS ADOPTED THIS REGULATION :
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 ;
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,                                  Article 1
the term 'monetary gap' is defined as the percentage of
the agricultural conversion rate representing the                The agricultural conversion rates are fixed in Annex I
difference between that rate and the representative market       hereto.
rate ;
Whereas the representative market rates are determined                                     Article 2
on the basis of reference periods established in accord­
ance with Commission Regulation (EEC) No 1068/93 of              In the case referred to in Article 15 (3) of Regulation
30 April 1993 on detailed rules for determining and              (EEC) No 1068/93, the agricultural conversion rate fixed
applying the agricultural conversion rates (3) ;                 in advance shall be replaced by the ecu rate for the
                                                                 currency concerned, shown in Annex II :
Whereas, however, Article 2 of Regulation (EEC)                  — Table A, where the latter rate is higher than the rate
No 1068/93 provides that, in cases where the absolute                 fixed in advance,
value of the difference between the monetary gaps in two
                                                                      or
Member States, calculated from the average on the ecu
rates for three consecutive working days, exceeds six            — Table B, where the latter rate is lower than the rate
points :                                                              fixed in advance.
— the representative market rates for the currencies in
      question shall be adjusted on the basis of the three
                                                                                           Article 3
      working days in question,
      and
                                                                  Regulation (EEC) No 1336/93 is hereby repealed.
— the basic reference period concerned begins the day
      following these three working days ;
                                                                                           Article 4
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 132, 29 . 5. 1993, p. 125.
  3 OJ No L 108 , 1 . 5. 1993, p. 106.                           This Regulation shall enter into force on 21 June 1993.
 ---pagebreak--- 19 . 6. 93                         Official Journal of the European Communities                                  No L 148/31
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 18 June 1993.
                                                                               For the Commission
                                                                                 Rene STEICHEN
                                                                          Member of the Commission
                                                          ANNEX I
                                               Agricultural conversion rates
                                        ECU 1          48,5563      Belgian and
                                                                    Luxembourg francs
                                                         8,97989    Danish kroner
                                                         2,35418    German marks
                                                     3 1 5,843      Greek drachmas
                                                     182,744        Spanish pesetas
                                                         7,89563    French francs
                                                         0,957268   Irish punt
                                                   2 191,78         Italian lire
                                                         2,65256    Dutch guilders
                                                     222,758        Portuguese escudos
                                                         0,959111   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
                       303,695      Greek drachmas                               329,003      Greek drachmas
                       175,715      Spanish pesetas                              190,358      Spanish pesetas
                         7,59195    French francs                                  8,22461    French francs
                         0,920450   Irish punt                                     0,997154 Irish punt
                     2 107,48       Italian lire                               2 283,10       Italian lire
                         2,55054    Dutch guilders                                 2,76308    Dutch guilders
                       214,190      Portuguese escudos                           232,040      Portuguese escudos
                         0,922222 Pound sterling                                   0,999074 Pound sterling