CELEX: 31993R0925
Language: en
Date: 1993-04-21 00:00:00
Title: Commission Regulation (EEC) No 925/93 of 20 April 1993 fixing the agricultural conversion rates

21 . 4. 93                             Official Journal of the European Communities                               No L 95/27
                                   COMMISSION REGULATION (EEC) No 925/93
                                                      of 20 April 1993
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      advance shall be adjusted if the gap between that rate and
                                                                 the agricultural conversion rate in force at the time of the
 Having regard to the Treaty establishing the European           operative event applicable for the currency concerned
 Economic Coriimunity,                                           exceeds four points ; whereas, in that event, the agricul­
                                                                 tural conversion rate fixed in advance is brought more
 Having regard to Council Regulation (EEC) No 3813/92            closely into line with the rate in force, up to the level of a
 of 28 December 1992 on the unit of account and the              gap of four points with that rate ; whereas the rate which
 conversion rates to be applied for the purposes of the          replaces the agricultural conversion rate fixed in advance
 common agricultural policy ('), and in particular Article 3     should be specified,
(1 ) thereof,
Whereas the agricultural conversion rates were fixed by          HAS ADOPTED THIS REGULATION :
 Commission Regulation (EEC) No 853/93 (2) ;
                                                                                          Article 1
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
 stipulates that if, over a reference period, the absolute       The agricultural conversion rates are fixed in Annex I
value of the difference in the gaps between the currencies       hereto.
 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 ;                                  Article 2
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,
the term 'monetary gap' is defined as the percentage of          In the case referred to in Article 11 (2) of Regulation
 the agricultural conversion rate representing the               (EEC) No 3819/92, the agricultural conversion rate fixed
difference between that rate and the representative market       in advance shall be replaced by the ecu rate for the
 rate ;                                                          currency concerned, shown in Annex II :
                                                                 — Table A, where the latter rate is higher than the rate
Whereas the representative market rates are determined               fixed in advance,
on the basis of reference periods determined in accord­              or
ance with Commission Regulation (EEC) No 3819/92 of
                                                                 — Table B, where the latter rate is lower than the rate
28 December 1992 on detailed rules for determining and               fixed in advance.
applying the agricultural conversion rates (3) ;
Whereas, as a consequence of the exchange rates recorded                                  Article 3
during the reference period 11 to 20 April 1993, it is
necessary to fix a new agricultural conversion rate for the      Regulation (EEC) No 853/93 is hereby repealed.
pound sterling and the Spanish peseta ;
                                                                                          Article 4
Whereas Article 11 (2) of Regulation (EEC) No 3819/92
provides that an agricultural conversion rate fixed in           This Regulation shall enter into force on 21 April 1993.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 20 April 1993.
                                                                          For the Commission
                                                                             Rene STEICHEN
                                                                      Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
O OJ No L 89, 9. 4. 1993, p. 1 .
0 OJ No L 387, 31 . 12. 1992, p. 17.
 ---pagebreak--- No L 95/28                       Official Journal of the European Communities                                21 . 4. 93
                                                       ANNEX I
                                             Agricultural conversion rates
                                      ECU 1 -       48,5563     Belgian and
                                                                Luxembourg francs
                                                     8,97989    Danish kroner
                                                     2,35418    German marks
                                                   314,412      Greek drachmas
                                                   166,261      Spanish pesetas
                                                     7,89563    French francs
                                                     0,957268   Irish punt
                                                 2 287,88       Italian lire
                                                     2,65256    Dutch guilders
                                                   214,525      Portuguese escudos
                                                     0,970726   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
                     302,319      Greek drachmas                             327,513      Greek drachmas
                     159,866      Spanish pesetas                            173,189      Spanish pesetas
                       7,59195    French francs                                8,22461    French francs
                       0,920450 Irish punt                                     0,997154 Irish punt
                   2 199,88       Italian lire                             2 383,21       Italian lire
                       2,55054 Dutch guilders                                  2,76308    Dutch guilders
                     206,274      Portuguese escudos                         223,464      Portuguese escudos
                       0,933390 Pound sterling                                 1,01117    Pound sterling