CELEX: 31996R0575
Language: en
Date: 1996-03-29
Title: COMMISSION REGULATION (EC) No 575/96 of 29 March 1996 fixing the agricultural conversion rates

No L 80/58          HenI               Official Journal of the European Communities                                   30 . 3 . 96
                                         COMMISSION REGULATION (EC) No 575/96
                                                        of 29 March 1996
                                           fixing the agricultural conversion rates
  THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        advance is to be adjusted if the gap between that rate and
  Having regard to the Treaty establishing the European              the agricultural conversion rate in force at the time of the
  Community,                                                         operative event applicable for the amount concerned
                                                                     exceeds four points; whereas, in that event, the agricul­
  Having regard to Council Regulation (EEC) No 3813/92               tural conversion rate fixed in advance is brought more
  of 28 December 1992 on the unit of account and the
                                                                     closely into line with the rate in force, up to the level of a
  conversion rates to be applied for the purposes of the            gap of four points with that rate; whereas the rate which
  common agricultural policy ('), as last amended by Regu­           replaces the agricultural conversion rate fixed in advance
  lation (EC) No 150/95 (2), and in particular Article 3 ( 1 )      should be specified,
  thereof,
  Whereas the agricultural conversion rates were fixed by
  Commission Regulation (EC) No 189/96 (3);                         HAS ADOPTED THIS REGULATION :
 Whereas Article 4 of Regulation (EEC) No 3813/92
  provides that, subject to confirmation periods being trig­                                  Article 1
 gered, the agricultural conversion rate for a currency is to
 be adjusted where the monetary gap between it and the              The agricultural conversion rates are fixed in Annex I
                                                                    hereto.
 representative market rate exceeds certain levels;
 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
                                                                    In the case referred to in Article 15 (3) of Regulation
 with Article 2 of Commission Regulation (EEC) No
  1068/93 of 30 April 1993 on detailed rules for deter­             (EEC) No 1068/93, the agricultural conversion rate fixed
                                                                    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 (*);
 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
 in question;                                                                                 Article 3
 Whereas, as a consequence of the exchange rates recorded          Regulation (EC) No 189/96 is hereby repealed.
 from 21 to 31 March 1996, it is necessary to fix a new
 agricultural conversion rate for the Finnish markka;                                         Article 4
 Whereas Article 15 (2) of Regulation (EEC) No 1068/93
 provides that an agricultural conversion rate fixed in            This Regulation shall enter into force on 1 April 1996.
                   This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 29 March 1996.
                                                                              For the Commission
                                                                                Franz FISCHLER
                                                                          Member of the Commission
(') OJ  No  L 387, 31 . 12. 1992, p. 1 .
(J) OJ  No  L 22, 31 . 1 . 1995, p. 1 .
(3) OJ  No  L 25, 1 . 2. 1996, p. 55.
(<) OJ  No  L 108 , 1 . 5. 1993, p. 106.
0   OJ  No  L 299, 12. 12. 1995, p. 1 .
 ---pagebreak--- 30 . 3 . 96        EN                 Official Journal of the European Communities                                No L 80/59
                                                               ANNEX I
                                                   Agricultural conversion rates
                                      ECU 1 =          39,5239     Belgian and
                                                                   Luxembourg francs
                                                         7,49997  Danish kroner
                                                         1,90616  German marks
                                                      311,761     Greek drachmas
                                                      198,202     Portuguese escudos
                                                        6,61023   French francs
                                                        5,89832   Finnish marks
                                                        2,14021   Dutch guilders
                                                        0,829498  Irish punt
                                                    2 096,38      Italian lire
                                                       13,4084    Austrian schillings
                                                      165,1-98    Spanish pesetas
                                                        8,93762   Swedish kroner
                                                        0,856563  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
                         1,83285      German marks                                 1,98558     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
                         5,67146      Finnish marks                                6,14408     Finnish marks
                         2,05789      Dutch guilders                               2,22939     Dutch guilders
                         0,797594     Irish punt                                   0,864060    Irish punt
                     2 015,75         Italian lire                             2 183,73        Italian lire
                        12,8927       Austrian schillings                         13,9671     Austrian schillings
                       158,844        Spanish pesetas                            172,081      Spanish pesetas
                         8,59387      Swedish kroner                               9,31002    Swedish kroner
                         0,823618     Pound sterling                               0,892253   Pound sterling