CELEX: 31993R2289
Language: en
Date: 1993-08-17 00:00:00
Title: Commission Regulation (EEC) No 2289/93 of 16 August 1993 fixing the agricultural conversion rates

17. 8 . 93                            Official Journal of the European Communities                             No L 205/ 19
                                   COMMISSION REGULATION (EEC) No 2289/93
                                                     of 16 August 1993
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       whereas, as a consequence of the exchange rates recorded
                                                                 during the reference period 12 to 16 August 1993, it is
 Having regard to the Treaty establishing the European            necessary to fix a new agricultural conversion rate for the
 Economic Community,                                              Danish crown ;
 Having regard to Council Regulation (EEC) No 3813/92            Whereas Article 15 (3) of Regulation (EEC) No 1068/93
 of 28 December 1992 on the unit of account and the               provides that an agricultural conversion rate fixed in
conversion rates to be applied for the purposes of the           advance shall be adjusted if the gap between that rate and
common agricultural policy ('), and in particular Article 3      the agricultural conversion rate in force at the time of the
(1 ) thereof,                                                    operative event applicable for the currency concerned
                                                                 exceeds four points ; whereas, in that event, the agricul­
                                                                 tural conversion rate fixed in advance is brought more
Whereas the agricultural conversion rates were fixed by          closely into line with the rate in force, up to the level of a
 Commission Regulation (EEC) No 2249/93 (2) ;                    gap of four points with that rate ; whereas the rate which
                                                                 replaces the agricultural conversion rate fixed in advance
Whereas Article 4 (3) of Regulation (EEC) No 3813/92             should be specified,
stipulates that if, over a reference period, the absolute
value of the difference in the gaps between the currencies
of any two Member States exceeds four points, any mone­
tary gaps for the Member States concerned that exceed
two points shall immediately be reduced to two points ;          HAS ADOPTED THIS REGULATION :
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,
the term 'monetary gap' is defined as the percentage of
the agricultural conversion rate representing the
difference between that rate and the representative market                                Article 1
rate ;
                                                                 The agricultural conversion rates are fixed in Annex I
Whereas the representative market rates are determined           hereto.
on the basis of reference periods established in accord­
ance with Commission Regulation (EEC) No 1068/93 of
30 April 1993 on detailed rules for determining and
applying the agricultural conversion rates (3) ;                                          Article 2
Whereas, in view of the decision by the Ministers of             In the case referred to in Article 15 (3) of Regulation
Finance on 2 August 1993, all the Member States' curren­         (EEC) No 1068/93, the agricultural conversion rate fixed
cies are to be regarded floating currencies in accordance        in advance shall be replaced by the ecu rate for the
with Article 1 (b) of Regulation (EEC) No 3813/92 ;              currency concerned, shown in Annex II :
                                                                  /
                                                                 — Table A, where the latter rate is higher than the rate
Whereas, however, Article 2 of Regulation (EEC)                      fixed in advance,
No 1068/93 provides that, in cases where the absolute
                                                                     or
value of the difference between the monetary gaps in two
Member States, calculated from the average on the ecu            — Table B, where the latter rate is lower than the rate
rates for three consecutive working days, exceeds six                fixed in advance.
points :
— the representative market rates for the currencies in
     question shall be adjusted on the basis of the three                                 Article 3
     working days in question,
     and                                                         Regulation (EEC) No 2249/93 is hereby repealed.
— the basic reference period concerned begins the day
     following these three working days ;
                                                                                          Article 4
(') OJ No L 387, 31 . 12. 1992, p. 1 .
O OJ No L 201 , 11 . 8 . 1993, p. 12.
0 OJ No L 108, 1 . 5. 1993, p. 106.                              This Regulation shall enter into force on 17 August 1993.
 ---pagebreak---                                    Official Journal of the European Communities                                 17. 8 . 93
No L 205/20
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States.
              Done at Brussels, 16 August 1993.
                                                                             For the Commission
                                                                                Rene STEICHEN
                                                                        Member of the Commission
                                                         ANNEX I
                                                Agricultural conversion rates
                                         ECU 1 =       48,5563    Belgian and
                                                                   Luxembourg francs
                                                        9,34812   Danish kroner
                                                        2,35418   German marks
                                                      319,060     Greek drachmas
                                                      190,382     Spanish pesetas
                                                        7,95622    French francs
                                                        0,976426   Irish punt
                                                    2 166,58       Italian lire
                                                        2,65256    Dutch guilders
                                                      236,933     Portuguese escudos
                                                        0,920969  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
                          8,98858    Danish kroner                                9,73763    Danish kroner
                          2,26363    German marks                                 2,45227    German marks
                        306,788      Greek drachmas                             332,354      Greek drachmas
                        183,060      Spanish pesetas                            198,315      Spanish pesetas
                          7,65021    French francs                                8,28773    French francs
                          0,938871   Irish punt                                   1,01711    Irish punt
                      2 083,25       Italian lire                             2 256,85       Italian lire
                          2,55054 Dutch guilders                                  2,76308    Dutch guilders
                        227,820      Portuguese escudos                         246,805      Portuguese escudos
                          0,885547 Pound sterling                                 0,959343   Pound sterling