CELEX: 31993R0468
Language: en
Date: 1993-02-27 00:00:00
Title: Commission Regulation (EEC) No 468/93 of 26 February 1993 fixing the agricultural conversion rates

No L 49/84                             Official Journal of the European Communities                                  27. 2. 93
                                   COMMISSION REGULATION (EEC) No 468/93
                                                    of 26 February 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
Having regard to Council Regulation (EEC) No 3813/92              tural conversion rate fixed in advance is brought more
of 28 December 1992 on the unit of account and the                closely into line with the rate in force, up to the level of a
conversion rates to be applied for the purposes of the            gap of four points with that rate ; whereas the rate which
common agricultural policy ('), and in particular Article 3       replaces the agricultural conversion rate fixed in advance
( 1 ) thereof,                                                    should be specified,
Whereas the agricultural conversion rates were fixed by           HAS ADOPTED THIS REGULATION :
Commission Regulation (EEC) No 219/93 (2) ;
Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92                                       Article 1
provides that the agricultural conversion rate for a floating
currency shall be adjusted where the monetary gap with            The agricultural conversion rates are fixed in Annex I
                                                                  hereto.
the representative market rate for the last reference period
of a month exceeds two points ; whereas, in that case, the
new agricultural conversion rate is fixed so as to reduce                                   Article 2
that monetary gap by half ;
                                                                  In the case referred to in Article 11 (2) of Regulation
Whereas the representative market rates are determined            (EEC) No 3819/92, the agricultural conversion rate fixed
on the basis of reference periods determined in accord­           in advance shall be replaced by the ecu rate for the
ance with Commission Regulation (EEC) No 3819/92 of               currency concerned, shown in Annex II :
28 December 1992 on detailed rules for determining and            — Table A, where the latter rate is higher than the rate
applying the agricultural conversion rates (3) ;                      fixed in advance,
                                                                      or
Whereas, as a consequence of the exchange rates recorded
during the reference period 21 to 28 February 1993, it is         — Table B, where the latter rate is lower than the rate
necessary to fix a new agricultural conversion rate for the           fixed in advance.
pound sterling ;
                                                                                            Article 3
Whereas Article 11 (2) of Regulation (EEC) No 3819/92
provides that an agricultural conversion rate fixed in            This Regulation shall enter into force on 1 March 1993.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States .
                 Done at Brussels, 26 February 1993.
                                                                            For the Commission
                                                                              Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
0 OJ No L 26, 3. 2. 1993, p. 13,
0 OJ No L 387, 31 . 12. 1992, p. 17.
 ---pagebreak--- 27. 2. 93                       Official Journal of the European Communities                               No L 49/85
                                                      ANNEX I
                                            Agricultural conversion rates
                                     ECU 1        48,5563      Belgian and
                                                              Luxembourg francs
                                                    8,97989   Danish kroner
                                                    2,35418   German marks
                                                  310,351     Greek drachmas
                                                  166,075     Spanish pesetas
                                                    7,89563   French francs
                                                    0,957268 Irish punt
                                                2 207,67      Italian lire
                                                    2,65256 Dutch guilders
                                                  212,128     Portuguese escudos
                                                    0,980715 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
                   298,414       Greek drachmas                            323,282      Greek drachmas
                    159,688      Spanish pesetas                           172,995      Spanish pesetas
                      7,59195    French francs                               8,22461    French francs
                      0,920450 Irish punt                                    0,997154 Irish punt
                  2122,76        Italian lire                            2 299,66       Italian lire
                      2,55054 Dutch guilders                                 2,76308    Dutch guilders
                   203,969       Portuguese escudos                        220,966      Portuguese escudos
                      0,942995 Pound sterling                                1,02158    Pound sterling