CELEX: 31993R0790
Language: en
Date: 1993-04-01 00:00:00
Title: Commission Regulation (EEC) No 790/93 of 31 March 1993 fixing the agricultural conversion rates

1 . 4. 93                             Official Journal of the European Communities                               No L 79/69
                                     COMMISSION REGULATION (EEC) No 790/93
                                                       of 31 March 1993
                                          fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      exceeds four points ; whereas, in that event, the agricul­
                                                                  tural conversion rate fixed in advance is brought more
 Having regard to the Treaty establishing the European            closely into line with the rate in force, up to the level of a
 Economic Community,                                              gap of four points with that rate ; whereas the rate which
                                                                  replaces the agricultural conversion rate fixed in advance
 Having regard to Council Regulation (EEC) No 3813/92             should be specified,
 of 28 December 1992 on the unit of account and the
 conversion rates to be applied for the purposes of the
 common agricultural policy ('), and in particular Article 3
                                                                  HAS ADOPTED THIS REGULATION :
 (1 ) thereof,
 Whereas the agricultural conversion rates were fixed by                                   Article 1
 Commission Regulation (EEC) No 760/93 (2) ;
                                                                  The agricultural conversion rates are fixed in Annex I
 Whereas Article 4 ( 1 ) of Regulation (EEC) No 3813/92           hereto .
 provides that the agricultural conversion rate for a floating
 currency shall be adjusted where the monetary gap with
 the representative market rate for the last reference period                              Article 2
 of a month exceeds two points ; whereas, in that case, the
 new agricultural conversion rate is fixed so as to reduce        In the case referred to in Article 11 (2) of Regulation
 that monetary gap by half ;                                      (EEC) No 3819/92, the agricultural conversion rate fixed
                                                                  in advance shall be replaced by the ecu rate for the
 Whereas the representative market rates are determined           currency concerned, shown in Annex II :
 on the basis of reference periods determined in accord­
 ance with Commission Regulation (EEC) No 3819/92 of              — Table A, where the latter rate is higher than the rate
 28 December 1992 on detailed rules for determining and               fixed in advance,
 applying the agricultural conversion rates (3);                      or
                                                                  — Table B, where the latter rate is lower than the rate
 Whereas, as a consequence of the exchange rates recorded             fixed in advance.
 on 31 March for the Italian lira and during the reference
 period 21 to 31 March 1993, it is necessary to fix a new
 agricultural conversion rate for the Italian lira, the Greek                              Article 3
 drachma and the Portuguese escudo ;
                                                                  Regulation (EEC) No 760/93 is hereby repealed.
Whereas Article 11 (2) of Regulation (EEC) No 3819/92
 provides that an agricultural conversion rate fixed in
 advance shall be adjusted if the gap between that rate and                                Article 4
 the agricultural conversion rate in force at the time of the
 operative event applicable for the currency concerned            This Regulation shall enter into force on 1 April 1993.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 31 March 1993.
                                                                           For the Commission
                                                                              Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
(Y) OJ No L 77, 31 . 3. 1993, p. 53.
(3) OJ No L 387, 31 . 12. 1992, p. 17.
 ---pagebreak--- No L 79/70                        Official Journal of the European Communities                               1 . 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
                                                   166,075      Spanish pesetas
                                                     7,89563    French francs
                                                     0,957268   Irish punt
                                                 2 287,88       Italian lire
                                                     2,65256    Dutch guilders
                                                   214,525      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
                     302,319      Greek drachmas                             327,513      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
                   2 199,88       Italian lire                             2 383,21       Italian lire
                       2,55054 Dutch guilders                                  2,76308    Dutch guilders
                     206,274      Portuguese escudos                         223,464      Portuguese escudos
                       0,942995 Pound sterling                                 1,02157    Pound sterling