CELEX: 31997R0872
Language: en
Date: 1997-05-15 00:00:00
Title: COMMISSION REGULATION (EC) No 872/97 of 15 May 1997 fixing the agricultural conversion rates

16. 5. 97            EN                Official Journal of the European Communities                             No L 124/29
                                       COMMISSION REGULATION (EC) No 872/97
                                                        of 15 May 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 817/97 (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                                       Article 3
 question;
                                                                   Regulation (EC) No 817/97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
 from 6 to 15 May 1997, it is necessary to fix a new agri­                                  Article 4
 cultural conversion rate for the Irish pound and the Greek
drachma;                                                          This Regulation shall enter into force on 16 May 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels. 1 5 Mav 1 997 .
                                                                            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 .
0 OJ No L 116, 6. 5. 1997, p. 25.
(j OJ No L 108, 1 . 5. 1993, p. 106.
j5) OJ No L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- No L 124/30     EN                 Official Journal of the European Communities                                16 . 5 . 97
                                                           ANNEX I
                                                Agricultural conversion rates
                                    ECU 1 =         40,4285    Belgian and
                                                               Luxembourg francs
                                                     7,49997   Danish kroner
                                                     1,95929   German marks
                                                   311,858     Greek drachmas
                                                   198,202     Portuguese escudos
                                                     6,61023   French francs
                                                     6,02811   Finnish marks
                                                     2,20397   Dutch guilders
                                                     0,757666  Irish punt
                                                 1 973,93      Italian lire
                                                    13,7910    Austrian schillings
                                                   165,571     Spanish pesetas
                                                     8,88562   Swedish kroner
                                                     0,742320  Pound sterling
                                                          ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                  Table B
         ECU 1 =      38,8736       Belgian and                ECU 1 =         42,1130      Belgian and
                                    Luxembourg francs                                       Luxembourg francs
                       7,21151      Danish kroner                               7,81247     Danish kroner
                        1,88393     German marks                                2,04093     German marks
                     299,863        Greek drachmas                            324,852       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
                       2,11920      Dutch guilders                              2,29580     Dutch guilders
                       0,728525     Irish punt                                  0,789235    Irish punt
                   1 898,01         Italian lire                            2 056,18        Italian lire
                      13,2606       Austrian schillings                        14,3656     Austrian schillings
                     159,203        Spanish pesetas                           172,470      Spanish pesetas
                       8,54387      Swedish kroner                              9,25585    Swedish kroner
                       0,713769     Pound sterling                              0,773250   Pound sterling