CELEX: 31997R1651
Language: en
Date: 1997-08-20 00:00:00
Title: COMMISSION REGULATION (EC) No 1651/97 of 20 August 1997 fixing the agricultural conversion rates

No L 230/6         I EN I              Official Journal of the European Communities                                  21 . 8 . 97
                                      COMMISSION REGULATION (EC) No 1651 /97
                                                      of 20 August 1997
                                         fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas Article 15 (2) of Regulation (EEC) No 1068/93
                                                                   provides that an agricultural conversion rate fixed in
 Having regard to the Treaty establishing the European            advance is to be adjusted if the gap between that rate and
 Community,                                                       the agricultural conversion rate in force at the time of the
                                                                  operative event applicable for the amount concerned
 Having regard to Council Regulation (EEC) No 3813/92             exceeds four points; whereas, in that event, the agricul­
 of 28 December 1992 on the unit of account and the
                                                                  tural conversion rate fixed in advance is brought more
 conversion rates to be applied for the purposes of the           closely into line with the rate in force, up to the level of a
 common agricultural policy ('), as last amended by Regu­         gap of four points with that rate; whereas the rate which
 lation (EC) No 1 50/95 (2), and in particular Article 3 ( 1 )    replaces the agricultural conversion rate fixed in advance
 thereof,                                                         should be specified,
 Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EC) No 1 609/97 (3);                      HAS ADOPTED THIS REGULATION :
 Whereas Article 4 of Regulation (EEC) No 3813/92                                           Article 1
 provides that, subject to confirmation periods being trig­
gered, the agricultural conversion rate for a currency is to      The agricultural conversion rates are fixed in Annex I
 be adjusted where the monetary gap between it and the            hereto .
 representative market rate exceeds certain levels;
                                                                                           Article 2
Whereas the representative market rates are determined
 on the basis of basic reference periods or, where applic­        In the case referred to in Article 15 (3) of Regulation
able, confirmation periods, established in accordance with        (EEC) No 1068/93 , the agricultural conversion rate fixed
Article 2 of Commission Regulation (EEC) No 1068/93 of            in advance shall be replaced by the ecu rate for the
30 April    1993 on detailed rules for determining and            currency concerned, shown in Annex II :
applying    the agricultural conversion rates (4), as last
amended     by Regulation (EC) No 1482/96 f); whereas             — Table A, where the latter rate is higher than the rate
 paragraph  2 of that Article provides that, in cases where           fixed in advance,
the absolute value of the difference between the monetary         — Table B, where the latter rate is lower than the rate
gaps in two Member States, calculated from the average of             fixed in advance .
the ecu rates for three consecutive quotation days, exceeds
six points, the representative market rates are to be                                      Article 3
adjusted on the basis of the three quotation days in
question;                                                         Regulation (EC) No 1609/97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                   Article 4
from 11 August to 20 August 1997, it is necessary to fix a
new agricultural conversion rate for the Pound sterling;          This Regulation shall enter into force on 21 August 1997.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States .
                 Done at Brussels, 20 August 1997.
                                                                           For the Commission
                                                                             Karel VAN MIERT
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 22, 31 . 1 . 1995, p. 1 .
(3) OJ No L 218 , 9. 8 . 1997, p. 8.
(j OJ No L 108, 1 . 5. 1993, p. 106.
 5) OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 21 . 8 . 97      fENI                 Official Journal of the European Communities                                No L 230/7
                                                              ANNEX I
                                                   Agricultural conversion rates
                                       ECU 1 =         40,9321    Belgian and
                                                                  Luxembourg francs
                                                        7,54917   Danish kroner
                                                        1,98243   German marks
                                                      312,011     Greek drachmas
                                                      200,321     Portuguese escudos
                                                        6,68769   French francs
                                                        6,02811   Finnish marks
                                                        2,23273   Dutch guilders
                                                        0,759189  Irish punt
                                                    1 973,93      Italian lire
                                                       13,9485    Austrian schillings
                                                      167,153     Spanish pesetas
                                                        8,88562   Swedish kroner
                                                        0,695735  Pound sterling
                                                             ANNEX II
                              Agricultural conversion rates fixed in advance and adjusted
                                 Table A                                                  Table B
            ECU 1 =    39,3578         Belgian and                ECU 1 =         42,6376      Belgian and
                                       Luxembourg francs                                       Luxembourg francs
                        7,25882        Danish kroner                               7,86372     Danish kroner
                         1 ,9061 8     German marks                                2,06503     German marks
                      300,011          Greek drachmas                            325,011       Greek drachmas
                      192,616          Portuguese escudos                        208,668       Portuguese escudos
                        6,43047        French francs                               6,96634     French francs
                        5,79626        Finnish marks                               6,27928     Finnish marks
                        2,14686        Dutch guilders                              2,32576     Dutch guilders
                        0,729989       Irish punt                                  0,790822    Irish punt
                    1 898,01           Italian lire                            2 056,18        Italian lire
                       13,4120         Austrian schillings                        14,5297     Austrian schillings
                      160,724          Spanish pesetas                           174,118      Spanish pesetas
                        8,54387        Swedish kroner                              9,25585    Swedish kroner
                        0,668976       Pound sterling                              0,724724   Pound sterling