CELEX: 31993R2332
Language: en
Date: 1993-08-21 00:00:00
Title: Commission Regulation (EEC) No 2332/93 of 20 August 1993 fixing the agricultural conversion rates

21 . 8 . 93                           Official Journal of the European Communities                             No L 210/ 13
                                   COMMISSION REGULATION (EEC) No 2332/93
                                                     of 20 August 1993
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas Article 15 (3) of Regulation (EEC) No 1068 /93
                                                                 provides that an agricultural conversion rate fixed in
 Having regard to the Treaty establishing the European           advance shall be adjusted if the gap between that rate and
 Economic Community,                                             the agricultural conversion rate in force at the time of the
Having regard to Council Regulation (EEC) No 3813/92             operative event applicable for the currency concerned
of 28 December 1992 on the unit of account and the               exceeds four points ; whereas, in that event, the agricul­
conversion rates to be applied for the purposes of the           tural conversion rate fixed in advance is brought more
common agricultural policy ('), and in particular Article 3      closely into line with the rate in force, up to the level of a
( 1 ) thereof,                                                   gap of four points with that rate ; whereas the rate which
                                                                 replaces the agricultural conversion rate fixed in advance
Whereas the agricultural conversion rates were fixed by          should be specified,
Commission Regulation (EEC) No 2289/93 (2) ;
Whereas Article 4 (3) of Regulation (EEC) No 3813/92             HAS ADOPTED THIS REGULATION :
stipulates that if, over a reference period, the absolute
value of the difference in the gaps between the currencies                                Article 1
of any two Member States exceeds four points, any mone­
 tary gaps for the Member States concerned that exceed           The agricultural conversion rates are fixed in Annex I
                                                                 hereto .
two points shall immediately be reduced to two points ;
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,
the term 'monetary gap' is defined as the percentage of                                    Article 2
the agricultural conversion rate representing the differ­
ence between that rate and the representative market rate ;      In the case referred to in Article 15 (3) of Regulation
                                                                 (EEC) No 1068/93, the agricultural conversion rate fixed
Whereas the representative market rates are determined           in advance shall be replaced by the ecu rate for the
on the basis of reference periods determined in accord­          currency concerned, shown in Annex II :
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 (3) ;                     or
Whereas, in view of the decision by the Ministers of             — Table B, where the latter rate is lower than the rate
 Finance on 2 August 1993, all the Member States' curren­            fixed in advance.
cies are to be regarded floating flooting currencies in
accordance with Article 1 (b) of Regulation (EEC)                                          Article 3
No 3813/92 ;
                                                                 Regulation (EEC) No 2289/93 is repealed.
Whereas, as a consequence of the exchange rates recorded
during the reference period 11 to 20 August 1 993, it is                                  Article 4
necessary to fix a new agricultural conversion rate for the
French franc ;                                                   This Regulation shall enter into force on 21 August 1993.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 20 August 1993.
                                                                           For the Commission
                                                                             Rene STEICHEN
                                                                      Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
O OJ No L 205, 17. 8. 1993, p. 19.
(') OJ No L 108, 1 . 5. 1993, p. 106.
 ---pagebreak--- No L 210 / 14                      Official Journal of the European Communities                                21 . 8 . 93
                                                         ANNEX I
                                               Agricultural conversion rates
                                       ECU 1    =     48,5563     Belgian and
                                                                  Luxembourg francs
                                                       9,34812    Danish kroner
                                                       2,35418    German marks
                                                     319,060      Greek drachmas
                                                     190,382      Spanish pesetas
                                                       7,98191    French francs
                                                       0,976426   Irish punt
                                                   2 166,58       Italian lire
                                                       2,65256    Dutch guilders
                                                     236,933      Portuguese escudos
                                                       0,920969   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
                        8,98858    Danish kroner                                 9,73763    Danish kroner
                        2,26363    German marks                                  2,45227    German marks
                      306,788      Greek drachmas                              332,354      Greek drachmas
                      183,060      Spanish pesetas                             198,315      Spanish pesetas
                        7,67491    French francs                                 8,31449    French francs
                        0,938871   Irish punt                                    1,01711    Irish punt
                    2 083,25       Italian lire                              2 256,85       Italian lire
                        2,55054 Dutch guilders                                   2,76308    Dutch guilders
                      227,820      Portuguese escudos                          246,805      Portuguese escudos
                        0,885547 Pound sterling                                  0,959343   Pound sterling