CELEX: 31996R1304
Language: en
Date: 1996-07-05 00:00:00
Title: COMMISSION REGULATION (EC) No 1304/96 of 5 July 1996 fixing the agricultural conversion rates

6. 7. 96             EN                 Official Journal of the European Communities                             No L 167/ 11
                                      COMMISSION REGULATION (EC) No 1304/96
                                                        of 5 July 1996
                                         fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       Austrian schilling, the Dutch guilder and the German
                                                                  mark;
Having regard to the Treaty establishing the European
Community,                                                        Whereas Article 15 (2) of Regulation (EEC) No 1068/93
                                                                  provides that an agricultural conversion rate fixed in
Having regard to Council Regulation (EEC) No 3813/92              advance is to be adjusted if the gap between that rate and
of 28 December 1992 on the unit of account and the                the agricultural conversion rate in force at the time of the
conversion rates to be applied for the purposes of the            operative event applicable for the amount concerned
common agricultural policy ('), as last amended by Regu­          exceeds four points; whereas, in that event, the agricul­
lation (EC) No 1 50/95 (2), and in particular Article 3 ( 1 )     tural conversion rate fixed in advance is brought more
thereof,                                                          closely into line with the rate in force, up to the level of a
                                                                  gap of four points with that rate; whereas the rate which
Whereas the agricultural conversion rates were fixed by           replaces the agricultural conversion rate fixed in advance
Commission Regulation (EC) No 11 64/96 (3);                       should be specified,
Whereas Article 4 of Regulation (EEC) No 3813/92
                                                                  HAS ADOPTED THIS REGULATION:
provides that, subject to confirmation periods being trig­
gered, the agricultural conversion rate for a currency is to                                Article 1
be adjusted where the monetary gap between it and the
representative market rate exceeds certain levels;                The agricultural conversion rates are fixed in Annex I
                                                                  hereto .
Whereas the representative market rates are determined
on the basis of basic reference periods or, where appli­                                    Article 2
cable, confirmation periods, established in accordance
with Article 2 of Commission Regulation (EEC) No
                                                                  In the case referred to in Article 15 (3) of Regulation
                                                                  (EEC) No 1068/93, the agricultural conversion rate fixed
1068/93 of 30 April 1993 on detailed rules for deter­             in advance shall be replaced by the ecu rate for the
mining and applying the agricultural conversion rates (4),        currency concerned, shown in Annex II:
as last amended by Regulation (EC) No 2853/95 j5);
whereas paragraph 2 of that Article provides that, in cases       — Table A, where the latter rate is higher than the rate
where the absolute value of the difference between the                fixed in advance,
monetary gaps in two Member States, calculated from the           — Table B, where the latter rate is lower than the rate
average of the ecu rates for three consecutive quotation              fixed in advance .
days, exceeds six points, the representative market rates
are to be adjusted on the basis of the three quotation days                                 Article 3
in question;                                                      Regulation (EC) No 1164/96 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                    Article 4
from 27 June to 6 July 1996, it is necessary to fix a new
agricultural conversion rate for the Swedish Krona, the           This Regulation shall enter into force on 7 July 1996.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 5 July 1996.
                                                                            For the Commission
                                                                              Franz FISCHLER
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 22, 31 . 1 . 1995, p. 1 .
P) OJ No L 153, 27. 6. 1996, p. 41 .
(j OJ No L 108, 1 . 5. 1993, p. 106.
0 OJ No L 299, 12. 12. 1995, p. 1 .
 ---pagebreak--- No L 167/ 12   1 EN I              Official Journal of the European Communities                                  6. 7. 96
                                                            ANNEX I
                                               Agricultural conversion rates
                                    ECU 1 =          39,5239    Belgian and
                                                                Luxembourg francs
                                                      7,49997   Danish kroner
                                                      1,91639   German marks
                                                    311,761     Greek drachmas
                                                    198,202     Portuguese escudos
                                                      6,61023   French francs
                                                      6,02811   Finnish marks
                                                      2,14934   Dutch guilders
                                                      0,829498  Irish punt
                                                  2 030,40      Italian lire
                                                     13,4875    Austrian schillings
                                                    165,198     Spanish pesetas
                                                      8,64446   Swedish kroner
                                                      0,833821  Pound sterling
                                                           ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                               Table A                                                  Table B
           ECU 1 -     38,0038       Belgian and                 ECU 1 =        41,1707      Belgian and
                                     Luxembourg francs                                       Luxembourg francs
                         7,21151     Danish kroner                               7,81247     Danish kroner
                         1,84268     German marks                                1,99624     German marks
                      299,770        Greek drachmas                            324,751       Greek drachmas
                      190,579        Portuguese escudos                        206,460       Portuguese escudos
                         6,35599     French francs                               6,88566     French francs
                         5,79626     Finnish marks                               6,27928     Finnish marks
                         2,06667     Dutch guilders                              2,23890     Dutch guilders
                         0,797594    Irish punt                                  0,864060    Irish punt
                    1 952,31         Italian lire                            2 115,00        Italian lire
                       1 2,9688      Austrian schillings                        14,0495      Austrian schillings
                      158,844        Spanish pesetas                           172,081       Spanish pesetas
                         8,31198     Swedish kroner                              9,00465     Swedish kroner
                         0,801751    Pound sterling                              0,868564    Pound sterling