CELEX: 31993R0853
Language: en
Date: 1993-04-09
Title: Commission Regulation (EEC) No 853/93 of 8 April 1993 fixing the agricultural conversion rates

9. 4. 93                              Official Journal of the European Communities                                 No L 89/ 1
                                                              I
                                            (Acts whose publication is obligatory)
                                    COMMISSION REGULATION (EEC) No 853/93
                                                      of 8 April 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
                                                                  operative event applicable for the currency concerned
 Having regard to the Treaty establishing the European            exceeds four points ; whereas, in that event, the agricul­
 Economic Community,                                              tural conversion rate fixed in advance is brought more
                                                                  closely into line with the rate in force, up to the level of a
 Having regard to Council Regulation (EEC) No 3813/92             gap of four points with that rate ; whereas the rate which
 of 28 December 1992 on the unit of account and the               replaces the agricultural conversion rate fixed in advance
 conversion rates to be applied for the purposes of the           should be specified,
 common agricultural policy ('), and in particular Article 3
(1 ) thereof,
                                                                  HAS ADOPTED THIS REGULATION :
Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EEC) No 790/93 (2) ;
                                                                                           Article 1
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
stipulates that if, over a reference period, the absolute
value of the difference in the gaps between the currencies        The agricultural conversion rates are fixed in Annex I
                                                                  hereto.
of any two Member States exceeds four points, any mone­
tary gaps for the Member States concerned that exceed
two points shall immediately be reduced to two points ;
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,                                  Article 2
the term 'monetary gap' is defined as the percentage of
the agricultural conversion rate representing the diffe­
rence between that rate and the representative market             In the case referred to in Article 11 (2) of Regulation
rate ;                                                           (EEC) No 3819/92, the agricultural conversion rate fixed
                                                                  in advance shall be replaced by the ecu rate for the
                                                                  currency concerned, shown in Annex II :
Whereas the representative market rates are determined
on the basis of reference periods determined in accord­          — Table A, where the latter rate is higher than the rate
ance with Commission Regulation (EEC) No 3819/92 of                   fixed in advance,
28 December 1992 on detailed rules for determining and                or
applying the agricultural conversion rates (3) ;
                                                                 — 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 1 to 10 April 1993, it is
necessary to fix a new agricultural conversion rate for the                                Article 3
pound sterling ;
                                                                 Regulation (EEC) No 790/93 is hereby repealed.
Whereas Article 11 (2) of Regulation (EEC) No 3819/92
provides that an agricultural conversion rate fixed in
                                                                                           Article 4
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 79, 1 . 4. 1993, p. 69.
(3 OJ No L 387, 31 . 12. 1992, p. 17.                            This Regulation shall enter into force on 11 April 1993.
 ---pagebreak--- No L 89 /2                         Official Journal of the European Communities                                9 . 4. 93
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 8 April 1993.
                                                                             For the Commission
                                                                               Rene STEICHEN
                                                                        Member of the Commission
                                                         ANNEX I
                                               Agricultural conversion rates
                                        ECU 1         48,5563     Belgian and
                                                                  Luxembourg francs
                                                       8,97989    Danish kroner
                                                       2,35418   German marks
                                                     314,412     Greek drachmas
                                                     166,075      Spanish pesetas
                                                       7,89563    French francs
                                                       0,957268   Irish punt
                                                   2 287,88       Italian lire
                                                       2,65256    Dutch guilders
                                                     214,525      Portuguese escudos
                                                       0,978559   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
                       302,319      Greek drachmas                             327,513      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
                     2 199,88       Italian lire                             2 383,21       Italian lire
                         2,55054 Dutch guilders                                  2,76308    Dutch guilders
                       206,274      Portuguese escudos                         223,464      Portuguese escudos
                         0,940922 Pound sterling                                 1,01933    Pound sterling