CELEX: 31996R2308
Language: en
Date: 1996-11-29 00:00:00
Title: COMMISSION REGULATION (EC) No 2308/96 of 29 November 1996 fixing the agricultural conversion rates

No L 311 / 54          EN                Official Journal of the European Communities                                 30 . 11 . 96
                                        COMMISSION REGULATION (EC) No 2308 /96
                                                      of 29 November 1996
                                           fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        German mark, the Dutch guilder and the Austrian schil­
                                                                    ling;
 Having regard to the Treaty establishing the European
 Community,                                                         Whereas Article 15 (2) of Regulation ( EEC) No 1068 /93
                                                                    provides that an agricultural conversion rate fixed in
 Having regard to Council Regulation (EEC) No 3813/92               advance is to be adjusted if the gap between that rate and
 of 28 December 1992 on the unit of account and the                 the agricultural conversion rate in force at the time of the
 conversion rates to be applied for the purposes of the             operative event applicable for the amount concerned
 common agricultural policy ('), as last amended by Regu­           exceeds four points; whereas, in that event, the agricul­
 lation (EC) No 1 50/95 (2), and in particular Article 3 ( 1 )      tural conversion rate fixed in advance is brought more
 thereof,                                                           closely into line with the rate in force, up to the level of a
                                                                    gap of four points with that rate; whereas the rate which
 Whereas the agricultural conversion rates were fixed by            replaces the agricultural conversion rate fixed in advance
 Commission Regulation (EC) No 2221 /96 (3);                        should be specified,
 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                                       Article 2
 on the basis of basic reference periods or, where applic­
 able, confirmation periods, established in accordance with         In the case referred to in Article 15 (3) of Regulation
 Article 2 of Commission Regulation (EEC) No 1068/93 of             (EEC) No 1068 /93 , the agricultural conversion rate fixed
 30 April 1993 on detailed rules for determining and                in advance shall be replaced by the ecu rate for the
 applying the agricultural conversion rates (4), as last            currency concerned, shown in Annex II :
 amended by Regulation (EC) No 1482/96 f5); 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 2221 /96 is hereby repealed.
                                                                                             Article 4
Whereas, as a consequence of the exchange rates recorded
 from 21 to 30 November 1996, it is necessary to fix a new          This Regulation shall enter into force on 1 December
 agricultural conversion rate for the Belgian franc, the            1996 .
                   This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 29 November 1996 .
                                                                             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 296, 21 . 11 . 1996, p. 54.
(4) OJ  No  L 108 , 1 . 5. 1993, p. 106.
 5  OJ  No  L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 30 . 11 . 96       EN                 Official Journal of the European Communities                                 No L 311 / 55
                                                              ANNEX I
                                                  Agricultural conversion rates
                                      ECU 1 =          39,8740    Belgian and
                                                                  Luxembourg francs
                                                        7,49997   Danish kroner
                                                        1,93473   German marks
                                                      311,761     Greek drachmas
                                                      198,202     Portuguese escudos
                                                        6,61023   French francs
                                                        6,02811   Finnish marks
                                                        2,17067   Dutch guilders
                                                        0,812908  Irish punt
                                                    1 973,93      Italian lire
                                                       13,6155    Austrian schillings
                                                      165,198     Spanish pesetas
                                                        8,64446   Swedish kroner
                                                        0,809915  Pound sterling
                                                             ANNEX II
                              Agricultural conversion rates fixed in advance and adjusted
                                 Table A                                                  Table B
             ECU 1 =     38,3404       Belgian and                 ECU 1 =        41,5354      Belgian and
                                       Luxembourg francs                                       Luxembourg francs
                          7,21151      Danish kroner                               7,81247     Danish kroner
                          1,86032      German marks                                2,01534     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
                          2,08718      Dutch guilders                              2,26111     Dutch guilders
                          0,781642     Irish punt                                  0,846779    Irish punt
                      1 898,01         Italian lire                            2 056,18        Italian lire
                         13,0918       Austrian schillings                        14,1828      Austrian schillings
                        158,844        Spanish pesetas                           172,081       Spanish pesetas
                          8,31198      Swedish kroner                              9,00465     Swedish kroner
                          0,778764     Pound sterling                              0,843661    Pound sterling