CELEX: 31997R0817
Language: en
Date: 1997-05-05 00:00:00
Title: COMMISSION REGULATION (EC) No 817/97 of 5 May 1997 fixing the agricultural conversion rates

6 . 5 . 97           EN                  Official Journal of the European Communities                             No L 116/25
                                       COMMISSION REGULATION (EC) No 817/97
                                                         of 5 May 1997
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        agricultural conversion rate for the Belgian franc, the
                                                                   German mark, the Dutch guilder, the Austrian schilling
Having regard to the Treaty establishing the European              and the Swedish krona;
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 759/97 f);                            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
representative market rate exceeds certain levels;                  The agricultural conversion rates are fixed in Annex I
                                                                    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 (5); 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 759 /97 is hereby repealed.
                                                                                              Article 4
 Whereas, as a consequence of the exchange rates recorded
 from 26 April to 5 May 1997, it is necessary to fix a new           This Regulation shall enter into force on 6 May 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                   Done at Brussels, 5 May 1997.
                                                                              For the Commission
                                                                                Franz FISCHLER
                                                                          Member of the Commission
  (') OJ No L 387, 31 . 12. 1992, p. 1 .
  (4 OJ No L 22, 31 . 1 . 1995, p. 1 .
  P) OJ No L 110, 26. 4. 1997, p. 46.
  («) OJ No L 108 , 1 . 5. 1993, p. 106.
    5 OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- No L 116/26      EN I               Official Journal of the European Communities                                 6 . 5. 97
                                                            ANNEX I
                                                 Agricultural conversion rates
                                     ECU 1 =         40,4285    Belgian and
                                                                Luxembourg francs
                                                      7,49997   Danish kroner
                                                      1,95929   German marks
                                                    311,761     Greek drachmas
                                                    198,202     Portuguese escudos
                                                      6,61023   French francs
                                                      6,02811   Finnish marks
                                                      2,20397   Dutch guilders
                                                      0,756658  Irish punt
                                                  1 973,93      Italian lire
                                                     13,7910    Austrian schillings
                                                    165,571     Spanish pesetas
                                                      8,88562   Swedish kroner
                                                      0,742320  Pound sterling
                                                           ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                               Table A                                                  Table B
          ECU 1 =      38,8736       Belgian and                ECU 1 =         42,1130      Belgian and
                                     Luxembourg francs                                       Luxembourg francs
                        7,21151      Danish kroner                               7,81247     Danish kroner
                        1,88393      German marks                                2,04093     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
                        2,11920      Dutch guilders                              2,29580     Dutch guilders
                        0,727556     Irish punt                                  0,788185    Irish punt
                   1 898,01          Italian lire                            2 056,18        Italian lire
                       13,2606       Austrian schillings                        14,3656      Austrian schillings
                      159,203        Spanish pesetas                           172,470       Spanish pesetas
                        8,54387      Swedish kroner                              9,25585     Swedish kroner
                        0,713769     Pound sterling                              0,773250    Pound sterling