CELEX: 31994R1711
Language: en
Date: 1994-07-14 00:00:00
Title: Commission Regulation (EC) No 1711/94 of 13 July 1994 fixing the agricultural conversion rates

No L 180/28                              Official Journal of the European Communities                                  14. 7. 94
                                       COMMISSION REGULATION (EC) No 1711/94
                                                          of 13 July 1994
                                           fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                         Whereas, as a consequence of the exchange rates recorded
                                                                    during the reference period 11 to 13 July 1994, it is
                                                                    necessary on the one hand to fix the limits referred to in
 Having regard to the Treaty establishing the European              paragraphs 1 and 3 of Article 4a of Regulation (EEC)
 Community,                                                         No 3813/92 at + 3,288 and — 1,712 and on the other
                                                                    hand to fix a new agricultural conversion rate for the
                                                                    pound sterling ;
 Having regard to Council Regulation (EEC) No 3813/92
 of 28 December 1992 on the unit of account and the
 conversion rates to be applied for the purposes of the             Whereas Article 15 (3) of Regulation (EEC) No 1068/93
common agricultural policy ('), as last amended by Regu­            provides that an agricultural conversion rate fixed in
 lation (EC) No 3528/93 (2), and in particular Article 3 (1 )       advance shall be adjusted if the gap between that rate and
thereof,                                                            the agricultural conversion rate in force at the time of the
                                                                    operative event applicable for the currency concerned
                                                                    exceeds four points ; whereas, in that event, the agricul­
Whereas the agricultural conversion rates were fixed by             tural conversion rate fixed in advance is brought more
 Commission Regulation (EC) No 1585/94 (3) ;                        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 Article 4 of Regulation (EEC) No 3813/92                    should be specified,
provides that the agricultural conversion rate for a floating
currency is to be adjusted where the monetary gap
between it and the representative market rate exceeds
certain levels ; whereas, notwithstanding that Article 4,           HAS ADOPTED THIS REGULATION :
Article 4a of that Regulation applies until 31 December
 1994 ;
                                                                                             Article 1
Whereas, however, Article 2 of Regulation (EEC)                     The agricultural conversion rates are fixed in Annex I
No 1068/93 provides that, in cases where the absolute               hereto.
value of the difference between the monetary gaps in two
Member States, calculated from the average on the ecu
rates for three consecutive working days, exceeds six
                                                                                             Article 2
points :
                                                                    In the case referred to in Article 15 (3) of Regulation
— the representative market rates for the currencies in
                                                                    (EEC) No 1068/93, the agricultural conversion rate fixed
     question shall be adjusted on the basis of the three
                                                                    in advance shall be replaced by the ecu rate for the
     working days in question,
                                                                    currency concerned, shown in Annex II :
     and
                                                                    — Table A, where the latter rate is higher than the rate
— the basic reference period concerned begins the day                   fixed in advance,
     following these three working days ;                               or
                                                                    — Table B, where the latter rate is lower than the rate
                                                                        fixed in advance.
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
                                                                                             Article 3
30 April 1993 on detailed rules for determining and
applying the agricultural conversion rates (4), as amended
by Regulation (EC) No 547/94 (*) ;                                  Regulation (EC) No 1585/94 is hereby repealed.
(') OJ  No  L 387, 31 . 12. 1992,  p. 1 .
 2) OJ  No  L 320, 22. 12. 1993 ,  p. 32.                                                    Article 4
(3) OJ  No  L 167, 1 . 7. 1994, p.  3.
(4) OJ  No  L 108, 1 . 5. 1993, p.  106.
0   OJ  No  L 69, 12. 3. 1994, p.   1.                              This Regulation shall enter into force on 14 July 1994.
 ---pagebreak--- 14. 7 . 94                         Official Journal of the European Communities                                 No L 180/29
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 13 July 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
                                                    2 274,93       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
                       184,922      Spanish pesetas                             200,332      Spanish pesetas
                         7,67491    French francs                                 8,31449    French francs
                         0,938871   Irish punt                                    1,01711    Irish punt
                     2 187,43       Italian lire                              2 369,72       Italian lire
                         2,55054 Dutch guilders                                   2,76308 Dutch guilders
                       230,126      Portuguese escudos                          249,303      Portuguese escudos
                         0,910144 Pound sterling                                  0,985990 Pound sterling