CELEX: 31993R1702
Language: en
Date: 1993-07-01 00:00:00
Title: Commission Regulation (EEC) No 1702/93 of 30 June 1993 fixing the agricultural conversion rates

1 . 7. 93                               Official Journal of the European Communities                             No L 159/59
                                       COMMISSION REGULATION (EEC) No 1702/93
                                                        of 30 June 1993
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        Whereas Article 15 (2) 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
                                                                   the agricultural conversion rate in force at the time of the
Having regard to the Treaty establishing the European              operative event applicable for the currency concerned
Economic 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
Having 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 ('), and in particular Article 3
(1 ) and Article 4(2) thereof,                                     Whereas the measures provided for in this Regulation for
                                                                   the Irish punt are in accordance with the opinions of the
                                                                   relevant Management Committees,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EEC) No 1 504/93 (2);
                                                                   HAS ADOPTED THIS REGULATION :
Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92
provides that the agricultural conversion rate for a floating
currency shall be adjusted where the monetary gap with
the representative market rate for the last reference period                                 Article 1
of a month exceeds two points ; whereas, in that case, the
new agricultural conversion rate is fixed so as to reduce          The agricultural conversion rates are fixed in Annex I
that monetary gap by half ;                                        hereto .
Whereas the representative market rates are determined                                       Article 2
on the basis of reference periods determined in accord­
ance with Commission Regulation (EEC) No 1068/93 of
30 April 1993, on detailed rules for determining and               In the case referred to in Article 15 (2) of Regulation
applying the agricultural conversion rates (3) ;                   (EEC) No 1068/93, the agricultural conversion rate fixed
                                                                   in advance shall be replaced by the ecu rate for the
                                                                   currency concerned, shown in Annex II :
Whereas, as a consequence of the exchange rates recorded           — Table A, where the latter rate is higher than the rate
during the reference period 21 to 30 June 1993, it is                  fixed in advance,
necessary to fix a new agricultural conversion rate for the
Italian lira, the pound sterling, the Irish punt and the               or
Greek drachma :
                                                                   — Table B, where the latter rate is lower than the rate
                                                                       fixed in advance .
Whereas the agricultural conversion rate for the Irish
punt was adjusted after the realignment of 30 January
                                                                                             Article 3
 1993 by Regulation (EEC) No 219/93 (4), leaving a mone­
tary gap of two points which, pursuant to Article 4 (2) of
Regulation (EEC) No 3813/92, must be dismantled within             Regulation (EEC) No 1504/93 is hereby repealed.
 12 months of the realignment in question ; whereas the
gap should be dismantled with effect from 1 July 1993 ;
(')  OJ  No L 387, 31 . 12. 1992, p. 1 .                                                     Article 4
(2)  OJ  No L 148 , 19 . 6. 1993, p. 30.
(3)  OJ  No L 108 , 1 . 5. 1993, p. 106.
 4)  OJ  No L 26, 3 . 2. 1993, p. 13 .                             This Regulation shall enter into force on 1 July 1993.
 ---pagebreak--- No L 159/60                       Official Journal of the European Communities                                 1 . 7. 93
            This Regulation shall be binding in its , entirety and directly applicable in all Member
            States.
            Done at Brussels, 30 June 1993.
                                                                             For the Commission
                                                                               Rene STEICHEN
                                                                        Member of the Commission
                                                         ANNEX I
                                               Agricultural conversion rates
                                       ECU 1    =     48,5563     Belgian and
                                                                  Luxembourg francs
                                                       8,97989    Danish kroner
                                                       2,35418    German marks
                                                     319,060      Greek drachmas
                                                     182,744      Spanish pesetas
                                                       7,89563    French francs
                                                       0,976426   Irish punt
                                                   2 166,58       Italian lire
                                                       2,65256    Dutch guilders
                                                     222,758      Portuguese escudos
                                                       0,948645   Pound sterling
                                                        ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                  Table B
          ECU 1 =      46,6888     Belgian and                  ECU 1 =         50,5795     Belgian and
                                    Luxembourg francs                                       Luxembourg francs
                        8,63451    Danish kroner                                 9,35405    Danish kroner
                        2,26363    German marks                                  2,45227    German marks
                      305,788      Greek drachmas                              352,384      Greek drachmas
                      175,715      Spanish pesetas                             190,358      Spanish pesetas
                        7,59195    French francs                                 8,22461    French francs
                        0,938871   Irish punt                                    1,01711    Irish punt
                    2 083,25       Italian lire                              2 256,85       Italian lire
                        2,55054    Dutch guilders                                2,76308 Dutch guilders
                      214,190      Portuguese escudos                          232,040      Portuguese escudos
                        0,912159   Pound sterling                                0,988172 Pound sterling