CELEX: 31997R2652
Language: en
Date: 1997-12-30 00:00:00
Title: COMMISSION REGULATION (EC) No 2652/97 of 30 December 1997 fixing the agricultural conversion rates

L 356/ 54               EN              Official Journal of the European Communities                                 31 . 12. 97
                                      COMMISSION REGULATION (EC) No 2652/97
                                                    of 30 December 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 1 50/95 (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 1985/97 (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
                                                                   hereto .
representative market rate exceeds certain levels;
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 (2) 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
                                                                   — 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
 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 1985/97 is hereby repealed.
 Whereas, as a consequence of the exchange rates recorded
 from 21 to 30 December 1997, it is necessary to fix a new                                   Article 4
 agricultural conversion rate for the Irish punt and the
 Portuguese escudo;                                                 This Regulation shall enter into force on 1 January 1998 .
                    This Regulation shall be binding in its entirety and directly applicable in all Member
                    States .
                    Done at Brussels, 30 December 1997.
                                                                              For the Commission
                                                                            Hans VAN DEN BROEK
                                                                          Member of the Commission
  (') OJ L 387, 31 . 12. 1992, p. 1 .
  (2) OJ L 22, 31 . 1 . 1995, p. 1 .
 (3) OJ L 278 , 11 . 10. 1997, p. 23.
  (4) OJ L 108, 1 . 5. 1993, p. 106.
  0 OJ L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 31 . 12. 97     F EN               Official Journal of the European Communities                                  L 356/55
                                                            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
                                                    201,259     Portuguese escudos
                                                      6,68769   French francs
                                                      6,02811   Finnish marks
                                                      2,23273   Dutch guilders
                                                      0,76345   Irish punt
                                                  1 973,93      Italian lire
                                                     13,9485    Austrian schillings
                                                    167,153     Spanish pesetas
                                                      8,65258   Swedish kroner
                                                      0,69573   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
                       193,518       Portuguese escudos                        209,645       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
                         0,73409     Irish punt                                  0,79526     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
                         8,31979     Swedish kroner                              9,01310     Swedish kroner
                         0,66897     Pound sterling                              0,72472     Pound sterling