CELEX: 31995R0278
Language: en
Date: 1995-02-10
Title: COMMISSION REGULATION (EC) No 278/95 of 10 February 1995 fixing the agricultural conversion rates

11 . 2. 95                              Official Journal of the European Communities                               No L 32/ 15
                                        COMMISSION REGULATION (EC) No 278/95
                                                      of 10 February 1995
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        advance is to be adjusted if the gap between that rate and
                                                                   the agricultural conversion rate in force at the time of the
Having regard to the Treaty establishing the European              operative event applicable for the amount concerned
Community,                                                         exceeds four points ; whereas, in that event, the agricul­
                                                                   tural conversion rate fixed in advance is brought more
                                                                   closely into line with the rate in force, up to the level of a
Hiaving regard to Council Regulation (EEC) No 3813/92              gap of four points with that rate ; whereas the rate which
of 28 December 1992 on the unit of account and the                 replaces the agricultural conversion rate fixed in advance
conversion rates to be applied for the purposes of the             should be specified ;
common agricultural policy ('), as last amended by Regu­
lation (EC) No 150/95 (2), and in particular Article 3 (1 )        Whereas the ecu rates which, where applicable, replace
thereof,
                                                                   the agricultural conversion rates fixed in advance before 1
                                                                   February 1995 are multiplied by the correcting factor
Having regard to Commission Regulation (EC) No 157/95              1,207509,
of 31 January 1995 laying down transitional measures for
the abolition of the correcting factor applicable to the
conversion rates used in the agricultural sector (3), and in
particular Article 2 (2) thereof,
                                                                   HAS ADOPTED THIS REGULATION :
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 205/95 (4),
                                                                                             Article 1
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig­         The agricultural conversion rates are fixed in Annex I
                                                                   hereto.
gered, the agricultural conversion rate for a currency is to
be adjusted where the monetary gap between it and the
representative market rate exceeds certain levels ;
                                                                                             Article 2
Whereas the representative market rates are determined
on the basis of basic reference periods or, where appli­            1 . In the case referred to in Article 1 5 (2) of Regulation
cable, confirmation periods, established in accordance             (EEC) No 1068/93, the agricultural conversion rate fixed
with Article 2 of Commission Regulation (EEC) No                   in advance shall be replaced by the ecu rate for the
 1068/93 of 30 April 1993 on detailed rules for determi­           currency concerned, shown in Annex II :
ning and applying the agricultural conversion rates (% as
last amended by Regulation (EC) No 157/95 ; whereas                — Table A, where the latter rate is higher than the rate
subparagraph 2 of that Article provides that, in cases                   fixed in advance,
where the absolute value of the difference between the
monetary gaps in two Member States, calculated from the            — Table B, where the latter rate is lower than the rate
                                                                         fixed in advance .
average of the ecu rates for three consecutive quotation
days, exceeds six points, the representative market rates
are to be adjusted on the basis of the three quotation days         2. However, in the case of agricultural conversion rates
in question ;                                                       fixed in advance before 1 February 1995, the ecu rates
                                                                    listed in Annex II shall be replaced by those set out in
                                                                   Annex III.
Whereas, as a consequence of the exchange rates recorded
during the reference period 1 to 10 February 1995, it is
necessary to fix a new agricultural conversion rate for the
Greek drachma ;                                                                              Article 3
Whereas Article 15 (2) of Regulation (EEC) No 1068/93               Regulation (EC) No 205/95 is hereby repealed.
provides that an agricultural conversion rate fixed in
(') OJ   No L 387, 31 . 12. 1992, p. 1 .                                                     Article 4
(2) OJ   No L 22, 31 . 1 . 1995, p. 1 .
0   OJ   No L 24, 1 . 2. 1995, p. 1 .
(4) OJ   No L 24, 1 . 2. 1995, p. 130.                             This Regulation shall enter into force on 11 February
0   OJ   No L 108, 1 . 5. 1993, p. 106.                             1995.
 ---pagebreak--- No L 32/ 16                          Official Journal of the European Communities                                 11 . 2. 95
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States.
              Done at Brussels, 10 February 1995.
                                                                              For the Commission
                                                                                 Franz FISCHLER
                                                                           Member of the Commission
                                                             ANNEX T
                                                  Agricultural conversion rates
                                      2CU 1 -         40,8337    Belgian and
                                                                 Luxembourg francs
                                                       7,74166   Danish kroner
                                                        1,94962  3erman marks
                                                     295,055     3reek drachmas
                                                     198,202     Portuguese escudos
                                                       6,61023   French francs
                                                       5,88000   Finnish marks
                                                       2,19672   Dutch guilders
                                                       0,808628  Irish punt
                                                   1 992,69      Italian lire
                                                      13,7190    Austrian schillings
                                                     163,980     Spanish pesetas
                                                      9,29426    Swedish kroner
                                                       0.789704  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
                                     Luxembourg francs                                        Luxembourg francs
                          7,44390    Danish kroner                                 8,06423    Danish kroner
                          1,87463    German marks                                  2,03085    German marks
                        283,707      Greek drachmas                             307,349       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
                          0,777527   Irish punt                                    0,842321   Irish punt
                      1 916,05       Italian lire                             2 075,72        Italian lire
                         13,1913     Austrian schillings                          14,2906     Austrian schillings
                        157,673      Spanish pesetas                            170,813       Spanish pesetas
                          8,93679    Swedish kroner                                9,68152    Swedish kroner
                          0,759331   Pound sterling                                0,822608   Pound sterling
 ---pagebreak--- 11 . 2. 95                          Official Journal of the European Communities                            No L 32/ 17
                                                         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
                        342,579      Greek drachmas                        371,127      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
                          0,938871   Irish punt                              1,01711    Irish punt
                      2 313,65       Italian lire                        2 506,45       Italian lire
                         15,9286     Austrian schillings                    17,2560     Austrian schillings
                        190,392      Spanish pesetas                       206,258      Spanish pesetas
                         10,7913     Swedish kroner                         11,6905     Swedish kroner
                          0,916899   Pound sterling                          0,993307   Pound sterling