CELEX: 31997R1012
Language: en
Date: 1997-06-04 00:00:00
Title: COMMISSION REGULATION (EC) No 1012/97 of 4 June 1997 fixing the agricultural conversion rates

5 . 6 . 97          | EN I                Official Journal of the European Communities                             No L 145/25
                                         COMMISSION REGULATION (EC) No 1012/97
                                                           of 4 June 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 930/97 (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 O; 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 930/97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                       Article 4
from 26 May to 4 June 1997, it is necessary to fix a new
agricultural conversion rate for the Pound sterling,                 This Regulation shall enter into force on 5 June 1997.
                   This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 4 June 1997.
                                                                               For the Commission
                                                                                 Franz FISCHLER
                                                                           Member of the Commission
(■)  OJ   No L 387, 31 . 12. 1992, p. 1 .
0    OJ   No L 22, 31 . 1 . 1995, p. 1 .
0    OJ   No L 133, 24. 5. 1997, p. 17.
(<)  OJ   No L 108 , 1 . 5. 1993, p. 106.
 5   OJ   No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- No L 145/26    [ ENI              Official Journal of the European Communities                                  5 . 6. 97
                                                           ANNEX I
                                              Agricultural conversion rates
                                   ECU 1 =          40,4285    Belgian and
                                                               Luxembourg francs
                                                     7,49997   Danish kroner
                                                     1,95929   German marks
                                                   312,011     Greek drachmas
                                                   198,202     Portuguese escudos
                                                     6,61023   French francs
                                                     6,02811   Finnish marks
                                                     2,20397   Dutch guilders
                                                     0,759189  Irish punt
                                                 1 973,93      Italian lire
                                                    13,7910    Austrian schillings
                                                   165,571     Spanish pesetas
                                                     8,88562   Swedish kroner
                                                     0,720829  Pound sterling
                                                          ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                  Table B
           ECU 1 =     38,8736      Belgian and                 ECU 1 =        42,1130      Belgian and
                                    Luxembourg francs                                       Luxembourg francs
                        7,21151     Danish kroner                               7,81247     Danish kroner
                        1,88393     German marks                                2,04093     German marks
                      300,011       Greek drachmas                            325,011       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
                        2,11920     Dutch guilders                              2,29580     Dutch guilders
                        0,729989    Irish punt                                  0,790822    Irish punt
                    1 898,01        Italian lire                            2 056,18        Italian lire
                       13,2606      Austrian schillings                        14,3656      Austrian schillings
                      159,203       Spanish pesetas                           172,470       Spanish pesetas
                        8,54387     Swedish kroner                              9,25585     Swedish kroner
                        0,693105    Pound sterling                              0,750864    Pound sterling