CELEX: 31993R0760
Language: en
Date: 1993-03-31 00:00:00
Title: Commission Regulation (EEC) No 760/93 of 30 March 1993 fixing the agricultural conversion rates

31 . 3 . 93                          Official Journal of the European Communities                                No L 77/53
                                    COMMISSION REGULATION (EEC) No 760/93
                                                     of 30 March 1993
                                         fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas, as a consequence of the exchange rates recorded
                                                                  during the reference period 26 to 30 March 1993, it is
                                                                  necessary to fix a new agricultural conversion rate for the
  Having regard to the Treaty establishing the European           Italian lira ;
  Economic Community,
                                                                  Whereas Article 11 (2) of Regulation (EEC) No 3819/92
                                                                  provides that an agricultural conversion rate fixed in
 Having regard to Council Regulation (EEC) No 3813/92             advance shall 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 currency concerned
 common agricultural policy ('), and in particular Article 3      exceeds four points ; whereas, in that event, the agricul­
 (1 ) thereof,                                                    tural conversion rate fixed in advance is brought more
                                                                  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 (EEC) No 468/93 (2) ;                     should be specified,
 Whereas Article 4 (3) of Regulation (EEC) No 3813/92
 stipulates that if, over a reference period, the absolute
 value of the difference in the gaps between the currencies      HAS ADOPTED THIS REGULATION :
 of any two Member States exceeds four points, any mone­
 tary gaps for the Member States concerned that exceed
 two points shall immediately be reduced to two points ;
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,                                  Article 1
 the term 'monetary gap' is defined as the percentage of
 the agricultural conversion rates representing the              The agricultural conversion rates are fixed in Annex I
 difference between that rate and the repesentative market       hereto.
 rate :
Whereas the representative market rates are determined                                     Article 2
on the basis of reference periods determined in accord­
ance with Commission Regulation (EEC) No 3819/92 of
 28 December 1992 on detailed rules for determining and          In the case referred to in Article 1 1 (2) of Regulation
                                                                 (EEC) No 3819/92, the agricultural conversion rate fixed
 applying the agricultural conversion rates (3) ;
                                                                 in advance shall be replaced by the ecu rate for the
                                                                 currency concerned, shown in Annex II :
Whereas, however, Article 2 of Regulation (EEC)                  — Table A, where the latter rate is higher than the rate
No 3819/92 provides that, in cases where the absolute                 fixed in advance,
value of the difference between the monetary gaps in two
                                                                      or
Member States, calculated from the average on the ecu
rates for three consecutive working days, exceeds six            — Table B, where the latter rate is lower than the rate
points :                                                              fixed in advance.
— the representative market rates for the currencies in
      question shall be adjusted on the basis of the three
                                                                                           Article 3
      working days in question,
      and
                                                                 Regulation (EEC) No 468/93 is hereby repealed.
— the basic reference period concerned begins the day
      following these three working days ;
                                                                                           Article 4
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 49, 27. 2. 1993, p. 84.
(3) OJ No L 387, 31 . 12. 1992, p. 17.                          This Regulation shall enter into force on 31 March 1993.
 ---pagebreak--- No L 77/54                          Official Journal of the European Communities                               31 . 3. 93
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 30 March 1993.
                                                                             For the Commission
                                                                                Rene STEICHEN
                                                                        Member of the Commission
                                                         ANNEX I
                                               Agricultural conversion rates
                                        ECU 1 =       48,5563     Belgian and
                                                                  Luxembourg francs
                                                       8,97989    Danish kroner
                                                       2,35418    German marks
                                                     310,351      Greek drachmas
                                                     166,075      Spanish pesetas
                                                       7,89563    French francs
                                                       0,957268   Irish punt
                                                   2 262,06       Italian lire
                                                       2,65256    Dutch guilders
                                                     212,128      Portuguese escudos
                                                       0,980715   Pound sterling
                                                        ANNEX II
                             Agricultural conversion rates fixed in advance and adjusted
                               Table A                                                 Table B
           ECU 1 =     46,6888      Belgian and                 ECU 1 -        50,5795      Belgian and
                                     Luxembourg francs                                      Luxembourg francs
                         8,63451    Danish kroner                                9,35405    Danish kroner
                         2,26363    German marks                                 2,45227    German marks
                       298,414      Greek drachmas                             323,282      Greek drachmas
                       159,688      Spanish pesetas                            172,995      Spanish pesetas
                         7,59195    French francs                                8,22461    French francs
                         0,920450 Irish punt                                     0,997154 Irish punt
                     2 175,06       Italian lire                             2 356,31       Italian lire
                         2,55054    Dutch guilders                               2,76308    Dutch guilders
                       203,969      Portuguese escudos                         220,967      Portuguese escudos
                         0,942995   Pound sterling                               1,02157    Pound sterling