CELEX: 31995R0580
Language: en
Date: 1995-03-15 00:00:00
Title: COMMISSION REGULATION (EC) No 580/95 of 15 March 1995 fixing the agricultural conversion rates

No L 58/ 18           EN                Official Journal of the European Communities                                   16 . 3 . 95
                                          COMMISSION REGULATION (EC) No 580/95
                                                         of 15 March 1995
                                            fixing the agricultural conversion rates
  THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        the Italian lira, the Greek drachma, the Spanish peseta,
                                                                     the Swedish krona, the pound sterling and the Irish
                                                                     pound ;
  Having regard to the Treaty establishing the European
  Community,                                                         Whereas Article 15 (2) of Regulation (EEC) No 1068/93
                                                                     provides that an agricultural conversion rate fixed in
                                                                     advance is to be adjusted if the gap between that rate and
  Having regard to Council Regulation (EEC) No 3813/92               the agricultural conversion rate in force at the time of the
  of 28 December 1992 on the unit of account and the                 operative event applicable for the amount concerned
  conversion rates to be applied for the purposes of the             exceeds four points ; whereas, in that event, the agricul­
  common agricultural policy ('), as last amended by Regu­           tural conversion rate fixed in advance is brought more
  lation (EC) No 150/95 (2), and in particular Article 3 (1 )        closely into line with the rate in force, up to the level of a
  thereof,                                                           gap of four points with that rate ; whereas the rate which
                                                                     replaces the agricultural conversion rate fixed in advance
                                                                     should be specified,
  Whereas the agricultural conversion rates were fixed by
  Commission Regulation (EC) No 492/95 (3) ;
                                                                     HAS ADOPTED THIS REGULATION :
 Whereas Article 4 of Regulation (EEC) No 3813/92
 provides that, subject to confirmation periods being trig­
 gered, the agricultural conversion rate for a currency is to                                 Article 1
 be adjusted where the monetary gap between it and the
 representative market rate exceeds certain levels ;
                                                                    The agricultural conversion rates are fixed in Annex I
                                                                     hereto.
 Whereas the representative market rates are determined
 on the basis of basic reference periods or, where appli­
 cable, confirmation periods, established in accordance                                       Article 2
 with Article 2 of Commission Regulation (EEC) No
 1068/93 of 30 April 1993 on detailed rules for deter­               1 . In the case referred to in Article 1 5 (3) of Regulation
 mining and applying the agricultural conversion rates (4),         (EEC) No 1068/93, the agricultural conversion rate fixed
 as last amended by Regulation (EC) No 157/95 (*) ;                 in advance shall be replaced by the ecu rate for the
 whereas paragraph 2 of that Article provides that, in cases        currency concerned, shown in Annex II :
 where the absolute value of the difference between the
 monetary gaps in two Member States, calculated from the            — Table A, where the latter rate is higher 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        — Table B, where the latter rate is lower than the rate
 in question ;                                                           fixed in advance.
                                                                    2. However, in the case of agricultural conversion rates
Whereas, as a consequence of the exchange rates recorded            fixed in advance before 1 February 1995, the ecu rates
during the reference period 6 to 15 March 1995, applying            listed in Annex II shall be replaced by those set out in
Article 4 (1 ), (2) and (3) of Regulation (EEC) No 3813/92          Annex III .
would result in a considerable reduction in the agricul­
tural conversion rate for the Belgian franc, the German
mark, the Dutch guilder and the Austrian schilling ;                                          Article 3
whereas, therefore, Article 4 (5) of Regulation (EEC) No
3813/92 applies in the case of the Belgian franc ; whereas
it is necessary to fix a new agricultural conversion rate for       Regulation (EC) No 492/95 is hereby repealed.
(') OJ  No  L  387, 31 . 12. 1992, p. 1 .
(2) OJ  No  L  22, 31 . 1 . 1995, p. 1 .                                                      Article 4
(3) OJ  No  L  49, 4. 3. 1995, p. 53.
(4) OJ  No  L  108, 1 . 5. 1993, p. 106.
0   OJ  No  L  24, 1 . 2. 1995, p. 1 .                              This Regulation shall enter into force on 16 March 1995.
 ---pagebreak--- 16. 3. 95      PEN                 Official Journal of the European Communities                                  No L 58 / 19
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 15 March 1995.
                                                                            For the Commission
                                                                               Franz FISCHLER
                                                                        Member of the Commission
                                                           ANNEX I
                                                Agricultural conversion rates
                                    ECU 1     =      40,8337   Belgian and
                                                               Luxembourg francs
                                                      7,74166  Danish kroner
                                                      1,94962  German marks
                                                    300,872    Greek drachmas
                                                    198,202    Portuguese escudos
                                                      6,61023  French francs
                                                      5,88000  Finnish marks
                                                      2,19672  Dutch guilders
                                                      0,824325 Irish punt
                                                  2 202,72     Italian lire
                                                     13,7190   Austrian schillings
                                                    169,712    Spanish pesetas
                                                     9,52763   Swedish kroner
                                                      0,821220 Pound sterling
                                                           ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                               Table A                                                  Table B
           ECU 1 =      39,2632     Belgian and                  ECU 1 =        42,5351      Belgian and
          l                          Luxembourg francs                                       Luxembourg francs
                         7,44390    Danish kroner                                8,06423     Danish kroner
                         1,87463    German marks                                 2,03085     German marks
                      289,300       Greek drachmas                             313,408       Greek drachmas
                       190,579      Portuguese escudos                         206,460       Portuguese escudos
                         6,35599     French francs                               6,88566     French francs
                         5,65385     Finnish marks                               6,12500     Finnish marks
                         2,11223     Dutch guilders                              2,28825     Dutch guilders
                         0,792620    Irish punt                                  0,858672    Irish punt
                     2118,00         Italian lire                           2 294,50         Italian lire
                        13,1913     Austrian schillings                         14,2906      Austrian schillings
                       163,185      Spanish pesetas                            171,783       Spanish pesetas
                         9,16118    Swedish kroner                               9,92461     Swedish kroner
                         0,789635   Pound sterling                               0,855438    Pound sterling
 ---pagebreak--- No L 58/20       EN                Official Journal of the European Communities                             16 . 3 . 95
                                                        ANNEX III
           Agricultural conversion rates fixed in advance and adjusted where they were fixed in advance
                                                 before 1 February 1995
                               Table A                                             Table B
           ECU 1 =      47,4107     Belgian and              ECU 1 =       51,3615      Belgian and
                                    Luxembourg francs                                   Luxembourg francs
                         8,98858    Danish kroner                           9,73763     Danish kroner
                         2,26363    German marks                            2,45227     German marks
                       349,332      Greek drachmas                        378,443       Greek drachmas
                       230,126      Portuguese escudos                    249,302       Portuguese escudos
                         7,67492    French francs                           8,31450     French francs
                         6,82707    Finnish marks                           7,39599     Finnish marks
                         2,55054    Dutch guilders                          2,76308     Dutch guilders
                         0,957096   Irish punt                              1,03685     Irish punt
                     2 557,50       Italian lire                        2 770,63        Italian lire
                        15,9286     Austrian schillings                    17,2560      Austrian schillings
                       197,047      Spanish pesetas                       213,467       Spanish pesetas
                        11,0622     Swedish kroner                         11,9841      Swedish kroner
                         0,953491   Pound sterling                          1,03295     Pound sterling