CELEX: 31994R1411
Language: en
Date: 1994-06-21 00:00:00
Title: Commission Regulation (EC) No 1411/94 of 20 June 1994 fixing the agricultural conversion rates

21 . 6. 94                              Official Journal of the European Communities                             No L 154/29
                                        COMMISSION REGULATION (EC) No 1411 /94
                                                         of 20 June 1994
                                           fixing the agricultural conversion rates
  THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       the agricultural conversion rate in force at the time of the
                                                                    operative event applicable for the currency concerned
                                                                    exceeds four points ; whereas, in that event, the agricul­
                                                                    tural conversion rate fixed in advance is brought more
  Having regard to the Treaty establishing the European             closely into line with the rate in force, up to the level of a
  Community,                                                        gap of four points with that rate ; whereas the rate which
                                                                     replaces the agricultural conversion rate fixed in advance
                                                                    should be specified,
  Having regard to Council Regulation (EEC) No 3813/92
  of 28 December 1992 on the unit of account and the
  conversion rates to be applied for the purposes of the
  common agricultural policy ('), as last amended by Regu­
 lation (EC) No 3528/93 (2), and in particular Article 3 ( 1 )      HAS ADOPTED THIS REGULATION
 thereof,
                                                                                              Article 1
 Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EC) No 1 260/94 (3) ;
                                                                    The agricultural conversion rates are fixed in Annex I
                                                                    hereto.
 Whereas Article 4 of Regulation (EEC) No 3813/92
 provides that the agricultural conversion rate for a floating
 currency is to be adjusted where the monetary gap
 between it and the representative market rate exceeds
                                                                                              Article 2
 certain levels ; whereas, notwithstanding that Article 4,
 Article 4a of that Regulation applies until 31 December
 1994 ;
                                                                    In the case referred to in Article 15 (3) of Regulation
                                                                    (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 established 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 (4), amended by
 Regulation (EC) No 547/94 (*) ;                                        or
                                                                    — Table B, where the latter rate is lower than the rate
                                                                        fixed in advance .
Whereas, as a consequence of the exchange rates recorded
during the reference period 11 to 20 June 1994, it is
necessary to fix a new agricultural conversion rate for the
Greek drachma ;                                                                               Article 3
Whereas Article 15 (3) of Regulation (EEC) No 1068/93               Regulation (EC) No 1260/94 is hereby repealed.
provides that an agricultural conversion rate fixed in
advance shall be adjusted if the gap between that rate and
(') OJ   No L  387, 31 . 12. 1992, p. 1 .                                                     Article 4
(2) OJ   No L  320, 22. 12. 1993, p. 32.
(3) OJ   No L  137, 1 . 6. 1994, p. 55.
0   OJ   No L  108, 1 . 5. 1993, p. 106.
O   OJ   No 'L 69, 12. 3. 1994, p. 1 .                             This Regulation shall enter into force on 21 June 1994.
 ---pagebreak--- No L 154/30                           Official Journal of the European Communities                                21 . 6 . 94
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States .
             Done at Brussels, 20 June 1994.
                                                                                For the Commission
                                                                                   Rene STEICHEN
                                                                           Member of the Commission
                                                            ANNEX I
                                                  Agricultural conversion rates
                                           ECU 1 =       49,3070     Belgian and
                                                                     Luxembourg francs
                                                          9,34812    Danish kroner
                                                          2,35418    German marks
                                                        346,789      Greek drachmas
                                                        192,319      Spanish pesetas
                                                          7,98191    French francs
                                                          0,976426   Irish punt
                                                      2 274,93       Italian lire
                                                          2,65256    Dutch guilders
                                                        239,331      Portuguese escudos
                                                          0,920969   Pound sterling
                                                           ANNEX II
                               Agricultural conversion rates fixed in advance and adjusted
                                 Table A                                                  Table B
          ECU 1 =         47,4106     Belgian and                  ECU 1 =         51,3615     Belgian and
                                      Luxembourg francs                                        Luxembourg francs
                           8,98858    Danish kroner                                 9,73763    Danish kroner
                           2,26363    German marks                                  2,45227    German marks
                        333,451       Greek drachmas                              361,239      Greek drachmas
                        1 84,922      Spanish pesetas                             200,332      Spanish pesetas
                           7,67491    French francs                                 8,31449    French francs
                           0,938871   Irish punt                                    1,01711    Irish punt
                      2 1 87,43       Italian lire                              2 369,72       Italian lire
                           2,55054 Dutch guilders                                   2,76308    Dutch guilders
                        230,126       Portuguese escudos                          249,303      Portuguese escudos
                           0,885547 Pound sterling                                  0,959343 Pound sterling