CELEX: 31997R0116
Language: en
Date: 1997-01-22 00:00:00
Title: COMMISSION REGULATION (EC) No 116/97 of 22 January 1997 fixing the agricultural conversion rates

No L 20/32         f EN I              Official Journal of the European Communities                                  23 . 1 . 97
                                      COMMISSION REGULATION (EC) No 116/97
                                                     of 22 January 1997
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      German mark, the Dutch guilder and the Austrian schil­
                                                                 ling;
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
Having regard to Council Regulation (EEC) No 3813/92             advance is to 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 amount concerned
common agricultural policy ('), as last amended by Regu­         exceeds four points; whereas, in that event, the agricul­
lation (EC) No 150/95 (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
Whereas the agricultural conversion rates were fixed by          replaces the agricultural conversion rate fixed in advance
Commission Regulation (EC) No 91 /97 (3);                        should be specified,
Whereas Article 4 of Regulation (EEC) No 3813/92                 HAS ADOPTED THIS REGULATION :
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            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             — Table A, where the latter rate is higher than the rate
paragraph   2 of that Article provides that, in cases where          fixed in advance,
the absolute value of the difference between the monetary        — Table B, where the latter rate is lower than the rate
gaps in two Member States, calculated from the average of            fixed in advance .
the ecu rates for three consecutive quotation days, exceeds
six points, the representative market rates are to be                                      Article 3
adjusted on the basis of the three quotation days in ques­       Regulation (EC) No 91 /97 is hereby repealed.
tion ;
                                                                                           Article 4
Whereas, as a consequence of the exchange rates recorded
from 20 to 22 January 1997, it is necessary to fix a new         This Regulation shall enter into force on 23 January
agricultural conversion rate for the Belgian franc, the          1997.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States .
                 Done at Brussels, 22 January 1997.
                                                                           For the Commission
                                                                             Franz FISCHLER
                                                                       Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .
$ OJ No L 22, 31 . 1 . 1995, p. 1 .
(3) OJ No L 17, 21 . 1 . 1997, p. 32.
(4) OJ No L 108 , 1 . 5. 1993, p. 106.
o OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 23. l . 97     PEN ]              Official Journal of the European Communities                                 No L 20 /33
                                                          ANNEX I
                                              Agricultural conversion rates
                                  ECU 1 =          40,3103    Belgian and
                                                              Luxembourg francs
                                                    7,49997   Danish kroner
                                                    1,95540   German marks
                                                  311,761     Greek drachmas
                                                  198,202     Portuguese escudos
                                                    6,61023   French francs
                                                    6,02811   Finnish marks
                                                    2,19663   Dutch guilders
                                                    0,778173  Irish punt
                                                1 973,93      Italian lire
                                                   13,7562    Austrian schillings
                                                  165,198     Spanish pesetas
                                                    8,64446   Swedish kroner
                                                    0,768177  Pound sterling
                                                         ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                  Table B
           ECU 1 =    38,7599      Belgian and                 ECU 1 =        41,9899      Belgian and
                                   Luxembourg francs                                       Luxembourg francs
                       7,21151     Danish kroner                               7,81247     Danish kroner
                       1,88019     German marks                                2,03688     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
                       2,11214     Dutch guilders                              2,28816     Dutch guilders
                       0,748243    Irish punt                                  0,810597    Irish punt
                   1 898,01        Italian lire                            2 056,18        Italian lire
                      13,2271      Austrian schillings                        14,3294      Austrian schillings
                     158,844       Spanish pesetas                           172,081       Spanish pesetas
                       8,31198     Swedish kroner                              9,00465     Swedish kroner
                       0,738632    Pound sterling                              0,800184    Pound sterling