CELEX: 31998R0137
Language: en
Date: 1998-01-20 00:00:00
Title: COMMISSION REGULATION (EC) No 137/98 of 20 January 1998 fixing the agricultural conversion rates

L 15/12             ¬ EN ¬            Official Journal of the European Communities                                   21. 1. 98
                                   COMMISSION REGULATION (EC) No 137/98
                                                    of 20 January 1998
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      advance is to be adjusted if the gap between that rate and
Having regard to the Treaty establishing the European            the agricultural conversion rate in force at the time of the
Community,                                                       operative event applicable for the amount concerned
                                                                 exceeds four points; whereas, in that event, the agricul-
Having regard to Council Regulation (EEC) No 3813/92             tural conversion rate fixed in advance is brought more
of 28 December 1992 on the unit of account and the               closely into line with the rate in force, up to the level of a
conversion rates to be applied for the purposes of the           gap of four points with that rate; whereas the rate which
common agricultural policy (1), as last amended by Regu-         replaces the agricultural conversion rate fixed in advance
lation (EC) No 150/95 (2), and in particular Article 3 (1)       should be specified,
thereof,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 41/98 (3);                         HAS ADOPTED THIS REGULATION:
Whereas Article 4 of Regulation (EEC) No 3813/92
                                                                                          Article 1
provides that, subject to confirmation periods being trig-
gered, the agricultural conversion rate for a currency is to     The agricultural conversion rates are fixed in Annex I
be adjusted where the monetary gap between it and the            hereto.
representative market rate exceeds certain levels;
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 (2) 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 (5); 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
gaps in two Member States, calculated from the average of        — Table B, where the latter rate is lower than the rate
the ecu rates for three consecutive quotation days, exceeds          fixed in advance.
six points, the representative market rates are to be
adjusted on the basis of the three quotation days in                                      Article 3
question;
                                                                 Regulation (EC) No 41/98 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
from 11 to 20 January 1998, it is necessary to fix a new
agricultural conversion rate for the Portuguese escudo;                                   Article 4
Whereas Article 15 (2) of Regulation (EEC) No 1068/93            This Regulation shall enter into force on 21 January
provides that an agricultural conversion rate fixed in           1998.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 20 January 1998.
                                                                           For the Commission
                                                                             Franz FISCHLER
                                                                       Member of the Commission
(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 5, 9. 1. 1998, p. 18.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 21. 1. 98     ¬ EN ¬             Official Journal of the European Communities                                 L 15/13
                                                         ANNEX I
                                              Agricultural conversion rates
                                  ECU 1=           40,9321   Belgian and
                                                             Luxembourg francs
                                                    7,54917  Danish kroner
                                                    1,98243  German marks
                                                  312,011    Greek drachmas
                                                  201,690    Portuguese escudos
                                                    6,68769  French francs
                                                    6,02811  Finnish marks
                                                    2,23273  Dutch guilders
                                                    0,785663 Irish punt
                                                1 973,93     Italian lire
                                                   13,9485   Austrian schillings
                                                  167,153    Spanish pesetas
                                                    8,68510  Swedish kroner
                                                    0,695735 Pound sterling
                                                         ANNEX II
                          Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                 Table B
          ECU 1 =     39,3578      Belgian and                ECU 1 =        42,6376      Belgian and
                                   Luxembourg francs                                      Luxembourg francs
                       7,25882     Danish kroner                              7,86372     Danish kroner
                       1,90618     German marks                               2,06503     German marks
                     300,011       Greek drachmas                           325,011       Greek drachmas
                     193,933       Portuguese escudos                       210,094       Portuguese escudos
                       6,43047     French francs                              6,96634     French francs
                       5,79626     Finnish marks                              6,27928     Finnish marks
                       2,14686     Dutch guilders                             2,32576     Dutch guilders
                       0,755445    Irish punt                                 0,818399    Irish punt
                   1 898,01        Italian lire                           2 056,18        Italian lire
                      13,4120      Austrian schillings                       14,5297      Austrian schillings
                     160,724       Spanish pesetas                          174,118       Spanish pesetas
                       8,35106     Swedish kroner                             9,04698     Swedish kroner
                       0,668976    Pound sterling                             0,724724    Pound sterling