CELEX: 31996R0677
Language: en
Date: 1996-04-15 00:00:00
Title: COMMISSION REGULATION (EC) No 677/96 of 15 April 1996 fixing the agricultural conversion rates

No L 94/ 8           EN                   Official Journal of the European Communities                                  16. 4. 96
                                           COMMISSION REGULATION (EC) No 677/96
                                                           of 15 April 1996
                                             fixing the agricultural conversion rates
 THE COMMISSION OF THE EUROPEAN COMMUNITIES,                          advance is to be adjusted if the gap between that rate and
  Having regard to the Treaty establishing the European               the agricultural conversion rate in force at the time of the
  Community,                                                          operative event applicable for the amount concerned
                                                                      exceeds four points; whereas, in that event, the agricul­
  Having regard to Council Regulation (EEC) No 3813/92                tural conversion rate fixed in advance is brought more
 of 28 December 1992 on the unit of account and the
                                                                      closely into line with the rate in force, up to the level of a
 conversion rates to be applied for the purposes of the               gap of four points with that rate; whereas the rate which
 common agricultural policy ('), as last amended by Regu­             replaces the agricultural conversion rate fixed in advance
 lation (EC) No 150/95 (2), and in particular Article 3 ( 1 )         should be specified,
 thereof,
 Whereas the agricultural conversion rates were fixed by
 Commission Regulation (EC) No 640/96 (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
 on the basis of basic reference periods or, where appli­                                      Article 2
 cable, confirmation periods, established in accordance
 with Article 2 of Commission Regulation (EEC) No                     In the case referred to in Article 15 (3) of Regulation
  1068 /93 of 30 April 1993 on detailed rules for deter­              (EEC) No 1068/93, the agricultural conversion rate fixed
 mining and applying the agricultural conversion rates (4),           in advance shall be replaced by the ecu rate for the
 as last amended by Regulation (EC) No 2853/95 Q;                     currency concerned, shown in Annex II:
 whereas paragraph 2 of that Article provides that, in cases          — Table A, where the latter rate is higher than the rate
 where the absolute value of the difference between the                   fixed in advance,
 monetary gaps in two Member States, calculated from the              — Table B, where the latter rate is lower than the rate
 average of the ecu rates for three consecutive quotation                 fixed in advance .
 days, exceeds six points, the representative market rates
 are to be adjusted on the basis of the three quotation days
 in question;                                                                                  Article 3
 Whereas, as a consequence of the exchange rates recorded             Regulation (EC) No 640/96 is hereby repealed.
 from 11 to 15 April 1996, it is necessary to fix a new agri­
 cultural conversion rate for the Finnish markka;
                                                                                               Article 4
 Whereas Article 15 (2) of Regulation (EEC) No 1068/93
 provides that an agricultural conversion rate fixed in               This Regulation shall enter into force on 16 April 1996.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 15 April 1996.
                                                                               For the Commission
                                                                                  Franz FISCHLER
                                                                           Member of the Commission
(') OJ  No  L 387, 31 . 12. 1992,   p. 1 .
(2) OJ  No  L 22, 31 . 1 . 1995, p.  1.
(3) OJ  No  L 90, 16. 4. 1996, p.    25.
(4) OJ  No  L 108, 1 . 5. 1993, p.   106.
Is) OJ  No  L 299, 12. 12. 1995,    p. 1 .
 ---pagebreak--- 16. 4. 96     fEN l              Official Journal of the European Communities                                 No L 94/9
                                                         ANNEX I
                                             Agricultural conversion rates
                                 ECU 1 =          39,5239    Belgian and
                                                             Luxembourg francs
                                                   7,49997   Danish kroner
                                                   1,90616   German marks
                                                 311,761     Greek drachmas
                                                 198,202     Portuguese escudos
                                                   6,61023   French francs
                                                   5,95530   Finnish marks
                                                   2,14021   Dutch guilders
                                                   0,829498  Irish punt
                                               2 096,38      Italian lire
                                                  13,4084   Austrian schillings
                                                 165,198     Spanish pesetas
                                                   8,93762   Swedish kroner
                                                   0,856563  Pound sterling
                                                        ANNEX II
                          Agricultural conversion rates fixed in advance and adjusted
                            Table A                                                  Table B
          ECU 1 =    38,0038      Belgian and                ECU 1 =         41,1707      Belgian and
                                  Luxembourg francs                                       Luxembourg francs
                      7,21151     Danish kroner                               7,81247     Danish kroner
                      1,83285     German marks                                1,98558     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
                      5,72625     Finnish marks                               6,20344     Finnish marks
                      2,05789     Dutch guilders                              2,22939     Dutch guilders
                      0,797594    Irish punt                                  0,864060    Irish punt
                  2 015,75        Italian lire                            2 183,73        Italian lire
                     12,8927      Austrian schillings                        13,9671      Austrian schillings
                    158,844       Spanish pesetas                           172,081       Spanish pesetas
                      8,59387     Swedish kroner                              9,31002     Swedish kroner
                      0,823618    Pound sterling                              0,892253    Pound sterling