CELEX: 31994R1260
Language: en
Date: 1994-06-01 00:00:00
Title: Commission Regulation (EC) No 1260/94 of 31 May 1994 fixing the agricultural conversion rates

1 . 6. 94                               Official Journal of the European Communities                             No L 137/55
                                       COMMISSION REGULATION (EC) No 1260/94
                                                        of 31 May 1994
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        the agricultural conversion rate in force at the time of the
                                                                   operative event applicable for the currency concerned
                                                                   exceeds four points ; whereas, in that event, the agricul­
                                                                   tural conversion rate fixed in advance is brought more
Having regard to the Treaty establishing the European              closely into line with the rate in force, up to the level of a
Community,                                                         gap of four points with that rate ; whereas the rate which
                                                                   replaces the agricultural conversion rate fixed in advance
                                                                   should be specified,
Having regard to Council Regulation (EEC) No 3813/92
of 28 December 1992 on the unit of account and the
conversion rates to be applied for the purposes of the
common agricultural policy ('), as last amended by Regu­
lation (EC) No 3528/93 (2), and in particular Article 3 ( 1 )      HAS ADOPTED THIS REGULATION :
thereof,
                                                                                             Article 1
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 1 1 60/94 (3);
                                                                   The agricultural conversion rates are fixed in Annex I
                                                                   hereto.
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that the agricultural conversion rate for a floating
currency is to be adjusted where the monetary gap
between it and the representative market rate exceeds
                                                                                             Article 2
certain levels ; whereas, notwithstanding that Article 4,
Article 4a of that Regulation applies until 31 December
1994 :
                                                                   In the case referred to in Article 15 (3) of Regulation
                                                                   (EEC) No 1068/93, the agricultural conversion rate fixed
                                                                   in advance shall be replaced by the ecu rate for the
Whereas the representative market rates are determined             currency concerned, shown in Annex II :
on the basis of reference periods established in accord­
ance with Commission Regulation (EEC) No 1068/93 of                — Table A, where the latter rate is higher than the rate
30 April 1993 on detailed rules for determining and                    fixed in advance,
applying the agricultural conversion rates (4), amended by
Regulation (EC) No 547/94 (*) ;                                        or
                                                                   — Table B, where the latter rate is lower than the rate
                                                                       fixed in advance.
Whereas, as a consequence of the exchange rates recorded
during the reference period 21 to 31 May 1994, it is
necessary to fix a new agricultural conversion rate for the
Portuguese escudo ;                                                                          Article 3
Whereas Article 15 (3) of Regulation (EEC) No 1068/93              Regulation (EC) No 1160/94 is hereby repealed.
provides that an agricultural conversion rate fixed in
advance shall be adjusted if the gap between that rate and
(>)  OJ  No L 387, 31 . 12. 1992, p. 1 .                                                     Article 4
(2)  OJ  No L 320, 22. 12. 1993 , p. 32.
(3)  OJ  No L 129, 21 . 5. 1994, p. 17.
(4)  OJ  No L 108, 1 . 5 . 1993, p. 106.
O    OJ  No L 69, 12. 3 . 1994, p. 1 .                             This Regulation shall enter into force on 1 Tune 1 994.
 ---pagebreak--- No L 137/56                        Official Journal of the European Communities                               1 . 6. 94
            This Regulation shall be binding in its entirety and directly applicable in all Member
            States.
            Done at Brussels, 31 May 1994.
                                                                            For the Commission
                                                                              Rene STEICHEN
                                                                       Member of the Commission
                                                        ANNEX I
                                              Agricultural conversion rates
                                       ECU 1    =    49,3070     Belgian and
                                                                 Luxembourg francs
                                                      9,34812    Danish kroner
                                                      2,35418    German marks
                                                    342,048      Greek drachmas
                                                    192,319      Spanish pesetas
                                                      7,98191    French francs
                                                      0,976426   Irish punt
                                                  2 274,93       Italian lire
                                                      2,65256    Dutch guilders
                                                    239,331      Portuguese escudos
                                                      0,920969   Pound sterling
                                                       ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                 Table B
          ECU 1 =      47,4106     Belgian and                 ECU 1 =         51,3615     Belgian and
                                    Luxembourg francs                                      Luxembourg francs
                        8,98858    Danish kroner                                9,73763    Danish kroner
                        2,26363    German marks                                 2,45227    German marks
                      328,892      Greek drachmas                             356,300      Greek drachmas
                      184,922      Spanish pesetas                            200,332      Spanish pesetas
                        7,67491    French francs                                8,31449    French francs
                        0,938871   Irish punt                                   1,01711    Irish punt
                    2 187,43       Italian lire                             2 369,72       Italian lire
                        2,55054 Dutch guilders                                  2,76308 Dutch guilders
                      230,126      Portuguese escudos                         249,303      Portuguese escudos
                        0,885547 Pound sterling                                 0,959343 Pound sterling