CELEX: 31994R3340
Language: en
Date: 1994-12-31 00:00:00
Title: Commission Regulation (EC) No 3340/94 of 30 December 1994 fixing the agricultural conversion rates

No L 350/80                              Official Journal of the European Communities                                31 . 12. 94
                                     COMMISSION REGULATION (EC) No 3340/94
                                                     of 30 December 1994
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        part to fix a new agricultural conversion rate for the Greek
                                                                   drachma and Spanish peseta ;
Having regard to the Treaty establishing the European              Whereas Article 15 (3) of Regulation (EEC) No 1068/93
Community,                                                         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,
Having regard to Council Regulation (EC) No 3311 /94 of
20 December 1 994 extending by one month the applica­
tion of the agrimonetary arrangements in force on
31 December 1994 and fixing the agricultural conversion
rates for the new Member States (3), and in particular             HAS ADOPTED THIS REGULATION :
Article 2 thereof,
Whereas the agricultural conversion rates were fixed by                                      Article 1
Commission Regulation (EC) No 3131 /94 (4) ; whereas
agricultural conversion rates for the Finnish mark, the
Austrian schilling and the Swedish krona must be fixed             The agricultural conversion rates are fixed in Annex I
from the date of the entry into force of the Act of Acces­         hereto.
sion of the new Member States concerned, in accordance
with the rules laid down in Regulation (EC) No 3311 /94 ;
                                                                                             Article 2
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that the agricultural conversion rate for a floating
currency is to be adjusted where the monetary gap                   In the case referred to in Article 15 (3) of Regulation
between it and the representative market rate exceeds              (EEC) No 1068/93, the agricultural conversion rate fixed
certain levels ; whereas, notwithstanding that Article 4,           in advance shall be replaced by the ecu rate for the
Article 4a of that Regulation applies until 31 December             currency concerned, shown in Annex II :
1994 ; whereas Regulation (EC) No 3311 /94 extends these
provisions until 31 January 1995 ;
                                                                   — Table A, where the latter rate is higher than the rate
                                                                        fixed in advance,
Whereas the representative market rates are determined
on the basis of reference periods established in accord­                or
ance with Commission Regulation (EEC) No 1068/93 of
30 April 1993 on detailed rules for determining and
applying the agricultural conversion rates (*), as amended          — Table B, where the latter rate is lower than the rate
                                                                        fixed in advance .
by Regulation (EC) No 547/94 (6) ;
Whereas, as a consequence of the exchange rates recorded
during the reference period 21 to 30 December 1994, it is                                    Article 3
necessary of the one past to fix the limits referred to in
paragraphs 1 and 3 of Article 4a of Regulation (EEC)
No 3813/92 at + 4,006 and — 0,994 and of the other                  Regulation (EC) No 3131 /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) See page 1 of this Official Journal.
O   OJ  No L 330, 21 . 12. 1994, p. 55.
O   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 1 January 1995.
 ---pagebreak--- 31 . 12. 94                         Official Journal of the European Communities                                No L 350/81
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States.
              Done at Brussels, 30 December 1994.
                                                                            For the Commission
                                                                               Rene STEICHEN
                                                                        Member of the Commission
                                                           ANNEX I
                                                Agricultural conversion rates
                                     ECU 1 =         493070    Belgian and
                                                               Luxembourg francs
                                                      934812   Danish kroner
                                                      23541 8  German marks
                                                    354,617    Greek drachmas
                                                    239331     Portuguese escudos
                                                      7,98191  French francs
                                                      7,02071  Finnish marks
                                                      2,65256  Dutch guilders
                                                      0,976426 Irish punt
                                                  2 383,42     Italian lire
                                                     16,5658   Austrian schillings
                                                    193,683    Spanish pesetas
                                                     10,9857   Swedish Kroner
                                                      0,953575 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
                        340,978      Greek drachmas                            369393       Greek drachmas
                        230,126      Portuguese escudos                        249303       Portuguese escudos
                          7,67491    French francs                               831449     French francs
                          6,75068    Finnish marks                               731324     Finnish marks
                          2,55054    Dutch guilders                              2,76308    Dutch guilders
                          0,938871   Irish punt                                  1,01711    Irish punt
                      2 291,75       Italian lire                           2 482,73        Italian lire
                         15,9287     Austrian schillings                        17,2560     Austrian schillings
                        186,234      Spanish pesetas                           201,753      Spanish pesetas
                         10,5632     Swedish Kroner                             11,4434     Swedish Kroner
                          0,916899 Pound sterling                                0,993307 Pound sterling