CELEX: 31997R0575
Language: en
Date: 1997-03-27 00:00:00
Title: COMMISSION REGULATION (EC) No 575/97 of 27 March 1997 fixing the agricultural conversion rates

28. 3. 97          IEN                 Official Journal of the European Communities                                 No L 86/ 1
                                                              I
                                            (Acts whose publication is obligatory)
                                    COMMISSION REGULATION (EC) No 575/97
                                                     of 27 March 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
                                                                  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
Commission Regulation (EC) No 497/97 (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
on the basis of basic reference periods or, where applic­                                   Article 2
able, confirmation periods, established in accordance with
Article 2 of Commission Regulation (EEC) No 1068/93 of
30 April 1993 on detailed rules for determining and               In the case referred to in Article 15 (3) of Regulation
applying the agricultural conversion rates (4), as last           (EEC) No 1068/93, the agricultural conversion rate fixed
amended by Regulation (EC) No 1482/96 (*); whereas                in advance shall be replaced by the ecu rate for the
paragraph 2 of that Article provides that, in cases where         currency concerned, shown in Annex II:
the absolute value of the difference between the monetary
gaps in two Member States, calculated from the average of         — Table A, where the latter rate is higher 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 ques­        — Table B, where the latter rate is lower than the rate
                                                                      fixed in advance.
tion;
Whereas, as a consequence of the exchange rates recorded
                                                                                            Article 3
from 19 to 28 March 1997, it is necessary to fix a new
agricultural conversion rate for the pound sterling and the
Irish punt;                                                       Regulation (EC) No 497/97 is hereby repealed.
(') OJ No L 387, 31 . 12. 1992, p. 1 .
0 OJ No L 22, 31 . 1 . 1995, p. 1 .                                                         Article 4
(3) OJ No L 77, 19. 3. 1997, p. 18.
(<) OJ No L 108, 1 . 5. 1993, p. 106.
0 OJ No L 188, 27. 7. 1996, p. 22.                                This Regulation shall enter into force on 29 March 1997.
 ---pagebreak--- No L 86/2     EN             Official Journal of the European Communities                        28 . 3 . 97
          This Regulation shall be binding in its entirety and directly applicable in all Member
          States .
          Done at Brussels, 27 March 1997.
                                                                 For the Commission
                                                                   Franz FISCHLER
                                                             Member of the Commission
 ---pagebreak--- 28. 3. 97     I EN I             Official Journal of the European Communities                                  No L 86/3
                                                          ANNEX I
                                             Agricultural conversion rates
                                  ECU 1 =          40,3225    Belgian and
                                                              Luxembourg francs
                                                    7,49997   Danish kroner
                                                    1,95431   German marks
                                                  311,761     Greek drachmas
                                                  198,202     Portuguese escudos
                                                    6,61023   French francs
                                                    6,02811   Finnish marks
                                                    2,19831   Dutch guilders
                                                    0,756658  Irish punt
                                                1 973,93      Italian lire
                                                   13,7529    Austrian schillings
                                                  165,571     Spanish pesetas
                                                    8,83274   Swedish kroner
                                                    0,742320  Pound sterling
                                                         ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                  Table B
          ECU 1 =     38,7716      Belgian and                 ECU 1 =        42,0026      Belgian and
                                   Luxembourg francs                                       Luxembourg francs
                       7,21151     Danish kroner                               7,81247     Danish kroner
                       1,87914     German marks                                2,03574     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
                       5,79626     Finnish marks                               6,27928     Finnish marks
                       2,11376     Dutch guilders                              2,28991     Dutch guilders
                       0,727556    Irish punt                                  0,788185    Irish punt
                   1 898,01        Italian lire                            2 056,18        Italian lire
                      13,2239      Austrian schillings                        14,3259      Austrian schillings
                     159,203       Spanish pesetas                           172,470       Spanish pesetas
                       8,49302     Swedish kroner                              9,20077     Swedish kroner
                       0,713769    Pound sterling                              0,773250    Pound sterling