CELEX: 31997R1985
Language: en
Date: 1997-10-10 00:00:00
Title: COMMISSION REGULATION (EC) No 1985/97 of 10 October 1997 fixing the agricultural conversion rates

11 . 10 . 97        I EN I            Official Journal of the European Communities                                  L 278 /23
                                    COMMISSION REGULATION (EC) No 1985/97
                                                     of 10 October 1997
                                         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 1 50/95 (2), and in particular Article 3 ( 1 )   should be specified,
 thereof,
 Whereas the agricultural conversion rates were fixed by
                                                                 HAS ADOPTED THIS REGULATION:
 Commission Regulation (EC) No 1651 /97 (3);
 Whereas Article 4 of Regulation (EEC) No 3813/92                                          Article 1
 provides that, subject to confirmation periods being trig­
 gered, the agricultural conversion rate for a currency is to    The agricultural conversion rates are fixed in Annex I
 be adjusted where the monetary gap between it and the           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 (*); 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 1651 /97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
 from 1 to 10 October 1997, it is necessary to fix a new
                                                                                          Article 4
 agricultural conversion rate for the Swedish krona;
Whereas Article 15 (2) of Regulation (EEC) No 1068/93            This Regulation shall enter into force on 11 October
 provides that an agricultural conversion rate fixed in          1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels, 10 October 1997.
                                                                          For the Commission
                                                                             Franz FISCHLER
                                                                       Member of the Commission
(') OJ L 387, 31 . 12. 1992, p. 1 .
I1) OJ L 22, 31 . 1 . 1995, p. 1 .
(3) OJ L 230, 21 . 8 . 1997, p. 6.
(<) OJ L 108, 1 . 5. 1993, p. 106.
O OJ L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- L 278/24     | EN 1             Official Journal of the European Communities                                  11 . 10. 97
                                                         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
                                                 200,321     Portuguese escudos
                                                   6,68769   French francs
                                                   6,02811   Finnish marks
                                                   2,23273   Dutch guilders
                                                   0,759189  Irish punt
                                               1 973,93      Italian lire
                                                  13,9485    Austrian schillings
                                                 167,153     Spanish pesetas
                                                   8,65258   Swedish kroner
                                                   0,695735  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
                    192,616       Portuguese escudos                        208,668       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
                      0,729989    Irish punt                                  0,790822    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
                      0,668976    Pound sterling                              0,724724    Pound sterling