CELEX: 31998R2134
Language: en
Date: 1998-10-05 00:00:00
Title: Commission Regulation (EC) No 2134/98 of 5 October 1998 fixing the agricultural conversion rates

L 269/12             EN                Official Journal of the European Communities                                    6. 10. 98
                                   COMMISSION REGULATION (EC) No 2134/98
                                                    of 5 October 1998
                                        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 (1), as last amended by Regu-          closely into line with the rate in force, up to the level of a
lation (EC) No 150/95 (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
Whereas the agricultural conversion rates were fixed by           should be specified,
Commission Regulation (EC) No 2097/98 (3);
Whereas Article 4 of Regulation (EEC) No 3813/92                  HAS ADOPTED THIS REGULATION:
provides that, subject to confirmation periods being trig-
gered, the agricultural conversion rate for a currency is to                                Article 1
be adjusted where the monetary gap between it and the             The agricultural conversion rates are fixed in Annex I
representative market rate exceeds certain levels;                hereto.
Whereas the representative market rates are determined
on the basis of basic reference periods or, where ap-                                       Article 2
plicable, confirmation periods, established in accordance
with Article 2 of Commission Regulation (EEC) No 1068/            In the case referred to in Article 15(2) of Regulation (EEC)
93 of 30 April 1993 on detailed rules for determining and         No 1068/93, the agricultural conversion rate fixed in
applying the agricultural conversion rates (4), as last           advance shall be replaced by the ecu rate for the currency
amended by Regulation (EC) No 961/98 (5); whereas para-           concerned, shown in Annex II:
graph 2 of that Article provides that, in cases where the         — Table A,     where the latter rate is higher than the rate
absolute value of the difference between the monetary                 fixed in  advance,
gaps in two Member States, calculated from the average of         — Table B,     where the latter rate is lower than the rate
the ecu rates for three consecutive quotation days, exceeds           fixed in  advance.
six points, the representative market rates are to be
adjusted on the basis of the three quotation days in ques-                                  Article 3
tion;
                                                                  Regulation (EC) No 2097/98 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
from 1 to 5 October 1998, it is necessary to fix a new                                      Article 4
agricultural conversion rate for the Swedish krona and the
pound sterling;                                                   This Regulation shall enter into force on 6 October 1998.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 5 October 1998.
                                                                             For the Commission
                                                                                Franz FISCHLER
                                                                         Member of the Commission
(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 266, 1. 10. 1998, p. 69.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 135, 8. 5. 1998, p. 5.
 ---pagebreak--- 6. 10. 98       EN                 Official Journal of the European Communities                               L 269/13
                                                         ANNEX I
                                              Agricultural conversion rates
                                  ECU 1=          40,9321    Belgian and
                                                             Luxembourg francs
                                                   7,56225   Danish kroner
                                                   1,98391   German marks
                                                 338,319     Greek drachmas
                                                 203,183     Portuguese escudos
                                                   6,68769   French francs
                                                   6,02811   Finnish marks
                                                   2,23593   Dutch guilders
                                                   0,796521  Irish punt
                                               1 973,93      Italian lire
                                                  13,9576    Austrian schillings
                                                 168,336     Spanish pesetas
                                                   9,35538   Swedish kroner
                                                   0,689190  Pound sterling
                                                         ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                 Table B
          ECU 1 =    39,3578      Belgian and                ECU 1 =         42,6376      Belgian and
                                  Luxembourg francs                                       Luxembourg francs
                      7,27139     Danish kroner                               7,87734     Danish kroner
                      1,90761     German marks                                2,06657     German marks
                    325,307       Greek drachmas                            352,416       Greek drachmas
                    195,368       Portuguese escudos                        211,649       Portuguese escudos
                      6,43047     French francs                               6,96634     French francs
                      5,79626     Finnish marks                               6,27928     Finnish marks
                      2,14993     Dutch guilders                              2,32909     Dutch guilders
                      0,765886    Irish punt                                  0,829709    Irish punt
                  1 898,01        Italian lire                            2 056,18        Italian lire
                     13,4208      Austrian schillings                        14,5392      Austrian schillings
                    161,862       Spanish pesetas                           175,350       Spanish pesetas
                      8,99556     Swedish kroner                              9,74519     Swedish kroner
                      0,662683    Pound sterling                              0,717906    Pound sterling