CELEX: 31995R2676
Language: en
Date: 1995-11-17 00:00:00
Title: COMMISSION REGULATION (EC) No 2676/95 of 17 November 1995 fixing the agricultural conversion rates

18 . 11 . 95            EN                 Official Journal of the European Communities                             No L 275/ 19
                                         COMMISSION REGULATION (EC) No 2676/95
                                                       of 17 November 1995
                                            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 1 50/95 (2), and in particular Article 3 ( 1 )        should be specified,
thereof,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 2630/95 (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
                                                                                              Article 2
on the basis of basic reference periods or, where appli­
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                     (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 1053/95 (*) ;
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 2630/95 is hereby repealed.
from 14 to 17 November 1995, it is necessary to fix a new
agricultural conversion rate for the pound Sterling and the
Greek drachma ;                                                                                Article 4
Whereas Article 15 (2) of Regulation (EEC) No 1068/93                This Regulation shall enter into force on 18 November
provides that an agricultural conversion rate fixed in                1995.
                   This Regulation shall be binding in its entirety and directly applicable in all Member
                   States.
                   Done at Brussels, 17 November 1995.
                                                                               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 269, 11 . 11 . 1995, p. 13.
(4) OJ  No   L 108, 1 . 5. 1993, p. 106.
0   OJ  No   L 107, 12. 5. 1995, p. 4.
 ---pagebreak--- No L 275/20   Hen I              Official Journal of the European Communities                                 18 . 11 . 95
                                                         ANNEX I
                                             Agricultural conversion rates
                                 ECU1             39,5239    Belgian and
                                                             Luxembourg francs
                                                   7,49997   Danish kroner
                                                   1,90616   German marks
                                                 309,630     Greek drachmas
                                                 198,202     Portuguese escudos
                                                   6,61023   French francs
                                                   5,88000   Finnish marks
                                                   2,14021   Dutch guilders
                                                   0,829498  Irish punt
                                               2 164,34      Italian lire
                                                  13,4084   Austrian schillings
                                                 165,198    Spanish pesetas
                                                   9,24240  Swedish kroner
                                                   0,854276  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
                    297,721       Greek drachmas                            322,531       Greek drachmas
                    190,579       Portuguese escudos                        206,460       Portuguese escudos
                      6^5599      French francs                               6,88566     French francs
                      5,65385     Finnish marks                               6,12500     Finnish marks
                      2,05789     Dutch guilders                              2,22939     Dutch guilders
                      0,797594    Irish punt                                  0,864060    Irish punt
                  2 081,10        Italian lire                            2 254,52        Italian lire
                     12,8927      Austrian schillings                        13,9671      Austrian schillings
                    158,844       Spanish pesetas                           172,081       Spanish pesetas
                      8,88692     Swedish kroner                              9,62750     Swedish kroner
                      0,821419    Pound sterling                              0,889871    Pound sterling