CELEX: 31997R0497
Language: en
Date: 1997-03-18 00:00:00
Title: COMMISSION REGULATION (EC) No 497/97 of 18 March 1997 fixing the agricultural conversion rates

No L 77/ 18         ( EN I              Official Journal of the European Communities                                  19 . 3 . 97
                                       COMMISSION REGULATION (EC) No 497/97
                                                       of 18 March 1997
                                          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
Having regard to the Treaty establishing the European              advance is to be adjusted if the gap between that rate and
Community,                                                         the agricultural conversion rate in force at the time of the
                                                                   operative event applicable for the amount concerned
Having regard to Council Regulation (EEC) No 3813/92               exceeds four points; whereas, in that event, the agricul­
of 28 December 1992 on the unit of account and the
conversion rates to be applied for the purposes of the
                                                                   tural conversion rate fixed in advance is brought more
                                                                   closely into line with the rate in force, up to the level of a
common agricultural policy ('), as last amended by Regu­           gap of four points with that rate; whereas the rate which
lation (EC) No 150/95 (2), and in particular Article 3 ( 1 )       replaces the agricultural conversion rate fixed in advance
thereof,
                                                                   should be specified,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 451 /97 (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;
                                                                                             Article 2
Whereas the representative market rates are determined
on the basis of basic reference periods or, where applic­          In the case referred to in Article 15 (3) of Regulation
able, confirmation periods, established in accordance with         (EEC) No 1068 /93, the agricultural conversion rate fixed
Article 2 of Commission Regulation (EEC) No 1068 /93 of            in advance shall be replaced by the ecu rate for the
30 April 1993 on detailed rules for determining and                currency concerned, shown in Annex II:
applying the agricultural conversion rates (4), as last
amended by Regulation (EC) No 1482/96 (■*); 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          — Table B, where the latter rate is lower than the rate
gaps in two Member States, calculated from the average of              fixed in advance .
the ecu rates for three consecutive quotation days, exceeds
six points, the representative market rates are to be                                       Article 3
adjusted on the basis of the three quotation days in ques­
tion ;                                                             Regulation (EC) No 451 /97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                     Article 4
from 9 to 18 March 1997, it is necessary to fix a new agri­
cultural conversion rate for the Swedish krona;                    This Regulation shall enter into force on 19 March 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 18 March 1997.
                                                                             For the Commission
                                                                               Franz FISCHLER
                                                                         Member of the Commission
(') OJ No  L 387, 31 . 12. 1992, p. 1 .
0   OJ No  L 22, 31 . 1 . 1995, p. 1 .
(3  OJ No  L 68 , 8 . 3 . 1997, p. 22.
(4) OJ No  L  108 , 1 . 5. 1993, p. 106.
(s  OJ No  L  188 , 27. 7. 1996, p. 22.
 ---pagebreak--- i9 . 3 . 97     ran                 Official Journal of the European Communities                                  No L 77/ 19
                                                             ANNEX I
                                                Agricultural conversion rates
                                     ECU 1 =          40,3225    Belgian and
                                                                 Luxembourg francs
                                                       7,49997   Danish kroner
                                                       1,95431   German marks
                                                     311,761     Greek drachmas
                                                     198,202     Portuguese escudos
                                                       6,61023   French francs
                                                       6,02811   Finnish marks
                                                       2,19831   Dutch guilders
                                                       0,778173  Irish punt
                                                   1 973,93      Italian lire
                                                      13,7529    Austrian schillings
                                                     165,571     Spanish pesetas
                                                       8,83274   Swedish kroner
                                                       0,768177  Pound sterling
                                                            ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                                Table A                                                  Table B
            ECU 1 =    38,771 6       Belgian and                 ECU 1 =        42,0026      Belgian and
                                      Luxembourg francs                                       Luxembourg francs
                        7,21 1 51     Danish kroner                               7,81247     Danish kroner
                        1,87914       German marks                                2,03574     German marks
                      299,770         Greek drachmas                            324,751       Greek drachmas
                      190,579         Portuguese escudos                        206,460       Portuguese escudos
                        6,35599       French francs                               6,88566     French francs
                        5,79626       Finnish marks                               6,27928     Finnish marks
                        2,11376       Dutch guilders                              2,28991     Dutch guilders
                        0,748243      Irish punt                                  0,810597    Irish punt
                    1 898,01          Italian lire                            2 056,18        Italian lire
                       13,2239        Austrian schillings                        14,3259      Austrian schillings
                      159,203         Spanish pesetas                           172,470       Spanish pesetas
                        8,49302       Swedish kroner                              9,20077     Swedish kroner
                        0,738632      Pound sterling                              0,800184    Pound sterling