CELEX: 31994R2057
Language: en
Date: 1994-08-17 00:00:00
Title: Commission Regulation (EC) No 2057/94 of 16 August 1994 fixing the agricultural conversion rates

No L 211 /4                             Official Journal of the European Communities                                  17. 8 . 94
                                       COMMISSION REGULATION (EC) No 2057/94
                                                       of 16 August 1994
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        hand to fix a new agricultural conversion rate for the
                                                                   Italian lira with effect from 16 August 1994 ;
 Having regard to the Treaty establishing the European
 Community,                                                        Whereas Article 15 (3) of Regulation (EEC) No 1068/93
                                                                   provides that an agricultural conversion rate fixed in
 Having regard to Council Regulation (EEC) No 3813/92              advance shall be adjusted if the gap between that rate and
of 28 December 1992 on the unit of account and the                 the agricultural conversion rate in force at the time of the
conversion rates to be applied for the purposes of the             operative event applicable for the currency concerned
common agricultural policy ('), as last amended by Regu­           exceeds four points ; whereas, in that event, the agricul­
lation (EC) No 3528/93 (2), and in particular Article 3 ( 1 )      tural conversion rate fixed in advance is brought more
thereof,                                                           closely into line with the rate in force, up to the level of a
                                                                   gap of four points with that rate ; whereas the rate which
                                                                   replaces the agricultural conversion rate fixed in advance
Whereas the agricultural conversion rates were fixed by
                                                                   should be specified,
Commission Regulation (EC) No 1 972/94 (3);
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that the agricultural conversion rate for a floating      HAS ADOPTED THIS REGULATION :
currency is to be adjusted where the monetary gap
between it and the representative market rate exceeds
certain levels ; whereas, notwithstanding that Article 4,                                    Article 1
Article 4a of that Regulation applies until 31 December
 1994 ;
                                                                   The agricultural conversion rates are fixed in Annex I
                                                                   hereto.
Whereas the representative market rates are determined
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                                          Article 2
applying the agricultural conversion rates (4), as amended
by Regulation (EC) No 547/94 (*) ;                                 In the case referred to in Article 15 (3) of Regulation
                                                                   (EEC) No 1068/93, the agricultural conversion rate fixed
Whereas, however, Article 2 of Regulation (EEC)                    in advance shall be replaced by the ecu rate for the
No 1068/93 provides that, in cases where the absolute              currency concerned, shown in Annex II :
value of the difference between the monetary gaps in two
Member States, calculated from the average on the ecu              — Table A, where the latter rate is higher than the rate
rates for three consecutive working days, exceeds six                   fixed in advance,
points :
                                                                        or
— the representative market rates for the currencies in
     question shall be adjusted on the basis of the three          — Table B, where the latter rate is lower than the rate
     working days in question,                                          fixed in advance .
     and
— the basic reference period concerned begins the day
     following these three working days ;                                                    Arttcle 3
Whereas, as a consequence of the exchange rates recorded           Regulation (EC) No 1972/94 is hereby repealed.
during the reference period 11 to 15 August 1994, it is
necessary on the one hand to fix the limits referred to in
paragraphs 1 and 3 of Article 4a of Regulation (EEC)                                         Article 4
No 3813/92 at + 3,494 and — 1,506 and on the other
(') OJ  No  L 387, 31 . 12. 1992, p. 1 .                           This Regulation shall enter into force on 17 August 1994.
(2) OJ  No  L 320, 22. 12. 1993, p. 32.
(3) OJ  No  L 198, 30. 7. 1994, p. 114.
(4) OJ  No  L 108, 1 . 5. 1993, p. 106.                            It is applicable from 16 August 1994 if requested by inte­
O   OJ  No  L 69, 12. 3 . 1994, p. 1 .                             rested parties.
 ---pagebreak--- 17. 8 . 94                              Official Journal of the European Communities                                No L 211 /5
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States .
             Done at Brussels, 16 August 1994.
                                                                                  For the Commission
                                                                                    Rene STEICHEN
                                                                             Member of the Commission
                                                               ANNEX I
                                                     Agricultural conversion rates
                                              ECU 1 =       49,3070    Belgian and
                                                                       Luxembourg francs
                                                             9,34812   Danish kroner
                                                             2,35418   German marks
                                                           346,789     Greek drachmas
                                                           192,319     Spanish pesetas
                                                             7,98191   French francs
                                                             0,976426  Irish punt
                                                         2 324,07      Italian lire
                                                             2,65256   Dutch guilders
                                                           239,331     Portuguese escudos
                                                             0,946550 Pound sterling
                                                              ANNEX II
                               Agricultural conversion rates fixed in advance and adjusted
                                    Table A                                                 Table B
           ECU 1 -        47,4106        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
                        333,451          Greek drachmas                             361,239      Greek drachmas
                        1 84,922         Spanish pesetas                            200,332      Spanish pesetas
                           7,67491        French francs                               8,31449    French francs
                           0,938871       Irish punt                                  1,01711    Irish punt
                      2 234,68            Italian lire                            2 420,91       Italian lire
                           2,55054       Dutch guilders                               2,76308    Dutch guilders
                        230,126          Portuguese escudos                         249,303      Portuguese escudos
                           0,9 1 0 1 44  Pound sterling                               0,985990   Pound sterling