CELEX: 31997R1609
Language: en
Date: 1997-08-08 00:00:00
Title: COMMISSION REGULATION (EC) No 1609/97 of 8 August 1997 fixing the agricultural conversion rates

No L 218/8         IEN                 Official Journal of the European Communities                                   9 . 8 . 97
                                       COMMISSION REGULATION (EC) No 1609/97
                                                       of 8 August 1997
                                          fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       Whereas Article 15 (2) of Regulation (EEC) No 1068/93
                                                                    provides that an agricultural conversion rate fixed in
  Having regard to the Treaty establishing the European            advance is to be adjusted if the gap between that rate and
 Community,                                                        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 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
                                                                   should be specified,
 Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EC) No 1 535/97 (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
 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 Q; whereas
 paragraph 2 of that Article provides that, in cases where         — Table A, where the latter rate is higher than the rate
                                                                       fixed in advance,
 the absolute value of the difference between the monetary
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                                       Article 3
 question;
                                                                   Regulation (EC) No 1535/97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
 from 1 August to 10 August 1997, it is necessary to fix a                                  Article 4
 new agricultural conversion rate for the Portuguese escudo
 and the Spanish peseta;                                           This Regulation shall enter into force on 11 August 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels, 8 August 1997.
                                                                            For the Commission
                                                                           Hans VAN DEN BROEK
                                                                         Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 22, 31 . 1 . 1995, p. 1 .
(■') OJ No L 206, 1 . 8 . 1997, p. 19.
(4) OJ No L 108 , 1 . 5. 1993, p. 106.
(' OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 9. 8 . 97      I EN I               Official Journal of the European Communities                                 No L 218/9
                                                            ANNEX I
                                                Agricultural conversion rates
                                    ECU 1            40,9321    Belgian and
                                                                Luxembourg francs
                                                      7,54917   Danish kroner
                                                      1,98243   German marks
                                                    312,011     Greek drachmas
                                                    200,321     Portuguese escudos
                                                      6,68769   French francs
                                                      6,02811   Finnish marks
                                                      2,23273   Dutch guilders
                                                      0,759189  Irish punt
                                                  1 973,93      Italian lire
                                                     13,9485   Austrian schillings
                                                    167,153    Spanish pesetas
                                                      8,88562  Swedish kroner
                                                      0,720829 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
                        7,25882      Danish kroner                               7,86372     Danish kroner
                        1,90618      German marks                                2,06503     German marks
                      300,011        Greek drachmas                            325,011       Greek drachmas
                      192,616        Portuguese escudos                        208,668       Portuguese escudos
                        6,43047      French francs                               6,96634     French francs
                        5,79626      Finnish marks                               6,27928     Finnish marks
                        2,14686      Dutch guilders                              2,32576     Dutch guilders
                        0,72998 9    Irish punt                                  0,790822    Irish punt
                   1 898,01          Italian lire                            2 056,18        Italian lire
                       13,4120       Austrian schillings                        14,5297      Austrian schillings
                      160,724        Spanish pesetas                           174,118       Spanish pesetas
                        8,54387      Swedish kroner                              9,25585     Swedish kroner
                        0,693105     Pound sterling                              0,750864    Pound sterling