CELEX: 31993R3661
Language: en
Date: 1993-12-31 00:00:00
Title: Commission Regulation (EC) No 3661/93 of 30 December 1993 fixing the agricultural conversion rates

31 . 12. 93                              Official Journal of the European Communities                             No L 333/61
                                     COMMISSION REGULATION (EC) No 3661/93
                                                     of 30 December 1993
                                           fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        necessary to fix a new agricultural conversion rate for the
                                                                   Greek drachma ;
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
                                                                   advance shall 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 currency 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 3528/93 (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 3634/93 (3) ;
Whereas Article 4 of Regulation (EEC) No 3813/92                   HAS ADOPTED THIS REGULATION :
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,                                   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) ;
                                                                   In the case referred to in Article 15 (3) of Regulation
Whereas, however, Article 2 of Regulation (EEC)                    (EEC) No 1068/93, the agricultural conversion rate fixed
 No 1068/93 provides that, in cases where the absolute             in advance shall be replaced by the ecu rate for the
value of the difference between the monetary gaps in two           currency concerned, shown in Annex II :
Member States, calculated from the average on the ecu
rates for three consecutive working days, exceeds six              — Table A, where the latter rate is higher than the rate
 points :                                                              fixed in advance,
                                                                       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
                                                                       fixed in advance.
     working days in question,
     and
— the basic reference period concerned begins the day                                       Article 3
     following these three working days ;
                                                                   Regulation (EC) No 3634/93 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
during the reference period 2lj to 30 December 1993, it is
(') OJ  No  L 387, 31 . 12. 1992, p. 1 .                                                    Article 4
(J) OJ  No  L 320, 22. 12. 1993, p. 32.
(3) OJ  No  L 329, 30. 12. 1993, p. 30.
(4) OJ  No  L 108, 1 . 5. 1993, p. 106.                            This Regulation shall enter into force on 1 January 1994.
 ---pagebreak--- No L 333/62                       Official Journal of the European Communities                                31 . 12. 93
            This Regulation shall be binding in its entirety and directly applicable in all Member
            States.
            Done at Brussels, 30 December 1993 .
                                                                            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
                                                    331,890      Greek drachmas
                                                    190,382      Spanish pesetas
                                                      7,98191    French francs
                                                      0,976426   Irish punt
                                                  2 264,19       Italian lire
                                                      2,65256    Dutch guilders
                                                    236,933      Portuguese escudos
                                                      0,920969   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
                      319,125      Greek drachmas                             345,719      Greek drachmas
                      183,060      Spanish pesetas                            198,315      Spanish pesetas
                        7,67491    French francs                                8,31449    French francs
                        0,938871   Irish punt                                   1,01711    Irish punt
                    2 177,11       Italian lire                             2358,53        Italian lire
                        2,55054 Dutch guilders                                  2,76308    Dutch guilders
                      227,820      Portuguese escudos                         246,805      Portuguese escudos
                        0,885547 Pound sterling                                 0,959343   Pound sterling