CELEX: 31997R0451
Language: en
Date: 1997-03-07 00:00:00
Title: COMMISSION REGULATION (EC) No 451/97 of 7 March 1997 fixing the agricultural conversion rates

No L 68 /22         EN               Official Journal of the European Communities                                    8 . 3 . 97
                                       COMMISSION REGULATION (EC) No 451 /97
                                                         of 7 March 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 277/97 (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 (■*); 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 ques­                                  Article 3
 tion ;
                                                                   Regulation (EC) No 277/97 is hereby repealed.
 Whereas, as a consequence of the exchange rates recorded
 from 27 February to 8 March 1997, it is necessary to fix a                                  Article 4
 new agricultural conversion rate for the Dutch guilder,
 Austrian schilling, Spanish peseta and Swedish krona;             This Regulation shall enter into force on 9 March 1997.
                   This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 7 March 1997 .
                                                                            For the Commission
                                                                               Franz FISCHLER
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
I1) OJ No L 22, 31 . 1 . 1995, p. 1 .
(3) OJ No L 45, 15. 2. 1997, p. 37.
(4) OJ No L 108 , 1 . 5. 1993, p. 106.
H OJ No L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 8 . 3 . 97      | EN I               Official Journal of the European Communities                                 No L 68 /23
                                                             ANNEX I
                                                 Agricultural conversion rates
                                     ECU 1 =          40,3225    Belgian and
                                                                 Luxembourg francs
                                                       7,49997   Danish kroner
                                                       1,95431   German marks
                                                     311,761     Greek drachmas
                                                     198,202     Portuguese escudos
                                                       6,61023   French francs
                                                       6,02811   Finnish marks
                                                       2,19831   Dutch guilders
                                                       0,778173  Irish punt
                                                   1 973,93      Italian lire
                                                      13,7529   Austrian schillings
                                                     165,571     Spanish pesetas
                                                       8,71269   Swedish kroner
                                                       0,768177  Pound sterling
                                                            ANNEX II
                             Agricultural conversion rates fixed in advance and adjusted
                                Table A                                                  Table B
           ECU 1 =      38,7716       Belgian and                ECU 1 =         42,0026      Belgian and
                                      Luxembourg francs                                       Luxembourg francs
                         7,21151      Danish kroner                               7,81247     Danish kroner
                         1,87914      German marks                                2,03574     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
                         2,11376      Dutch guilders                              2,28991     Dutch guilders
                         0,748243     Irish punt                                  0,810597    Irish punt
                    1 898,01          Italian lire                            2 056,18        Italian lire
                        13,2239       Austrian schillings                        14,3259      Austrian schillings
                       159,203        Spanish pesetas                           172,470       Spanish pesetas
                         8,37759      Swedish kroner                              9,07572     Swedish kroner
                         0,738632     Pound sterling                              0,800184    Pound sterling