CELEX: 31997R0229
Language: en
Date: 1997-02-06 00:00:00
Title: COMMISSION REGULATION (EC) No 229/97 of 6 February 1997 fixing the agricultural conversion rates

7. 2. 97          [ EN               Official Journal of the European Communities                                 No L 37/7
                                       COMMISSION REGULATION (EC) No 229/97
                                                      of 6 February 1997
                                          fixing the agricultural conversion rates
  THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas Article 15 (2) of Regulation (EEC) No 1068 /93
  Having regard to the Treaty establishing the European            provides that an agricultural conversion rate fixed in
  Community,                                                       advance is to be adjusted if the gap between that rate and
                                                                   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 amount 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 ('), as last amended by Regu­         closely into line with the rate in force, up to the level of a
  lation (EC) No 1 50/95 (2), and in particular Article 3 ( 1 )   gap of four points with that rate; whereas the rate which
  thereof,                                                         replaces the agricultural conversion rate fixed in advance
                                                                  should be specified,
  Whereas the agricultural conversion rates were fixed by
  Commission Regulation (EC) No 11 6/97 (3), as amended
  by Regulation (EC) No 1 24/97 (4);                              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 (*), as last
 amended by Regulation (EC) No 1482/96 (6); 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 ques­
 tion ;                                                          Regulation (EC) No 116/97 is hereby repealed.
 Whereas, as a consequence of the exchange rates recorded                                   Article 4
 from 4 to 6 February 1997, it is necessary to fix a new
 agricultural conversion rate for the Swedish krona;             This Regulation shall enter into force on 7 February 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels, 6 February 1997.
                                                                            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 .
(3) OJ No L 20, 23. 1 . 1997, p. 32.
(j OJ No L 22, 24. 1 . 1997, p. 21 .
(5) OJ No L 108 , 1 . 5. 1993, p. 106.
(6) OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- No L 37/8      fENl                Official Journal of the European Communities                                7. 2. 97
                                                            ANNEX I
                                                Agricultural conversion rates
                                   ECU 1 =          40,2861     Belgian and
                                                                Luxembourg francs
                                                     7,49997    Danish kroner
                                                      1 ,95423 German marks
                                                   311,761     Greek drachmas
                                                   198,202     Portuguese escudos
                                                     6,61023   French francs
                                                     6,02811   Finnish marks
                                                     2,19514   Dutch guilders
                                                     0,778173  Irish punt
                                                 1 973,93      Italian lire
                                                    13,7482    Austrian schillings
                                                   165,198     Spanish pesetas
                                                     8,69363   Swedish kroner
                                                     0,768177  Pound sterling
                                                           ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                   Table B
          ECU 1 =    38,7366       Belgian and                 ECU 1 =         41,9647      Belgian and
                                   Luxembourg francs                                        Luxembourg francs
                      7,21151      Danish kroner                                7,81247     Danish kroner
                       1,87907     German marks                                 2,03566     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
                      2,11071      Dutch guilders                               2,28660    Dutch guilders
                      0,748243     Irish punt                                   0,810597   Irish punt
                  1 898,01         Italian lire                             2 056,18       Italian lire
                     13,2194       Austrian schillings                         14,3210     Austrian schillings
                    158,844        Spanish pesetas                            172,081      Spanish pesetas
                      8,35926      Swedish kroner                               9,05586    Swedish kroner
                      0,738632     Pound sterling                               0,800184   Pound sterling