CELEX: 31991R1040
Language: en
Date: 1991-04-26 00:00:00
Title: Commission Regulation (EEC) No 1040/91 of 25 April 1991 on monetary compensatory amounts applicable depending on the trend in the escudo

26. 4. 91                                 Official Journal of the European Communities                           No L 106/31
                                        COMMISSION REGULATION (EEC) No 1040/91
                                                          of 25 April 1991
                    on monetary compensatory amounts applicable depending on the trend in the
                                                               escudo
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                         Regulation (EEC) No 1677/85, to the frequent introduc­
                                                                     tion and suppression of monetary compensatory amounts
 Having regard to the Treaty establishing the European
                                                                     applicable to Portugal ;
 Economic Community,
 Having regard to Council Regulation (EEC) No 1677/85                Whereas, in view of this irregular trend in the escudo in
 of 11 June 1985 on monetary compensatory amounts in                 recent weeks, confirmation of the trend in that currency
                                                                     should be awaited before it is decided to introduce mone­
 agriculture ('), as last amended by Regulation (EEC) No
 2205/90 (2), and in particular Article 5 (2) thereof,               tary compensatory amounts in order to avoid an erratic
                                                                     application of the system ;
 Having regard to Commission Regulation (EEC) No
 3578/88 of 17 November 1988 laying down detailed rules              Whereas the measures provided for in this Regulation are
 for the application of the system for the automatic                 in accordance with the opinion of the relevant Manage­
                                                                     ment Committees,
 dismantlement of negative monetary compensatory
 amounts (3), as last amended by Regulation (EEC) No
 287/91 (4), and in particular Article 7 thereof,                    HAS ADOPTED THIS REGULATION :
 Whereas the monetary compensatory amounts introduced
 by Regulation (EEC) No 1677/85 were fixed by Commis­                                         Article 1
 sion Regulation (EEC) No 1207/90 (*), as last amended by
 Regulation (EEC) No 950/91 («);                                     The monetary compensatory amount applying to Portugal
                                                                     shall remain equal to 0 until the first time when the real
 Whereas Commission Regulation (EEC) No 3153/85 (7),                 monetary gap for the escudo in absolute value exceeds 2,0
 as last amended by Regulation (EEC) No 3672/89 f), lays             points during two consecutive reference periods finishing
 down detailed rules for calculating monetary compensa­              after the date of entry into force of this Regulation.
 tory amounts ; whereas the spot market rates recently
 recorded during the reference periods referred to in                                         Article 2
 Article 2 of Regulation (EEC) No 3153/85 for the Portu­
 guese escudo might lead, pursuant to Article 5 (3) of               This Regulation shall enter into force on 29 April 1991 .
                    This Regulation shall be binding in its entirety and directly applicable in all Member
                    States.
                    Done at Brussels, 25 April 1991 .
                                                                              For the Commissiqn
                                                                               Ray MAC SHARRY
                                                                          Member of the Commission
(') OJ  No  L   164, 24. 6. 1985, p. 6.
(2) OJ  No  L  201 , 31 . 7. 1990, p. 9.
(') OJ  No  L  312, 18. 11 . 1988, p. 16.
(4) OJ  No  L  35, 7. 2. 1991 , p. 10 .
0   OJ  No  L  122, 14. 5. 1990, p. 1 .
(6) OJ  No  L  101 , 22. 4. 1991 , p. 1 .
0   OJ  No  L  310, 21 . 11 . 1985, p. 4.
(8) OJ  No  L  358 , 8 . 12. 1989, p. 28 .