CELEX: 31998R1562
Language: en
Date: 1998-07-20 00:00:00
Title: Commission Regulation (EC) No 1562/98 of 20 July 1998 fixing the agricultural conversion rates

21. 7. 98             EN               Official Journal of the European Communities                                    L 203/3
                                   COMMISSION REGULATION (EC) No 1562/98
                                                      of 20 July 1998
                                        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
Having regard to Council Regulation (EEC) No 3813/92              operative event applicable for the amount concerned
of 28 December 1992 on the unit of account and the                exceeds four points; whereas, in that event, the agricul-
conversion rates to be applied for the purposes of the            tural conversion rate fixed in advance is brought more
common agricultural policy (1), as last amended by Regu-          closely into line with the rate in force, up to the level of a
lation (EC) No 150/95 (2), and in particular Article 3 (1)        gap of four points with that rate; whereas the rate which
thereof,                                                          replaces the agricultural conversion rate fixed in advance
                                                                  should be specified,
Whereas the agricultural conversion rates were fixed by
Commission Regulation (EC) No 932/98 (3);
                                                                  HAS ADOPTED THIS REGULATION:
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig-                                  Article 1
gered, the agricultural conversion rate for a currency is to
be adjusted where the monetary gap between it and the             The agricultural conversion rates are fixed in Annex I
representative market rate exceeds certain levels;                hereto.
Whereas the representative market rates are determined                                      Article 2
on the basis of basic reference periods or, where ap-
plicable, confirmation periods, established in accordance         In the case referred to in Article 15(2) of Regulation (EEC)
with Article 2 of Commission Regulation (EEC) No 1068/            No 1068/93, the agricultural conversion rate fixed in
93 of 30 April 1993 on detailed rules for determining and         advance shall be replaced by the ecu rate for the currency
applying the agricultural conversion rates (4), as last           concerned, shown in Annex II:
amended by Regulation (EC) No 961/98 (5); whereas para-            Table A,     where the latter rate is higher than the rate
graph 2 of that Article provides that, in cases where the             fixed in  advance,
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 932/98 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                    Article 4
from 11 July to 20 July 1998, it is necessary to fix a new
agricultural conversion rate for the Greek drachma;               This Regulation shall enter into force on 21 July 1998.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 20 July 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  130, 1. 5. 1998, p. 16.
(4) OJ L  108, 1. 5. 1993, p. 106.
(5) OJ L  135, 8. 5. 1998, p. 5.
 ---pagebreak--- L 203/4       EN                 Official Journal of the European Communities                               21. 7. 98
                                                       ANNEX I
                                            Agricultural conversion rates
                                ECU 1=          40,9321    Belgian and
                                                           Luxembourg francs
                                                 7,56225   Danish kroner
                                                 1,98391   German marks
                                               338,319     Greek drachmas
                                               203,183     Portuguese escudos
                                                 6,68769   French francs
                                                 6,02811   Finnish marks
                                                 2,23593   Dutch guilders
                                                 0,796521  Irish punt
                                             1 973,93      Italian lire
                                                13,9576    Austrian schillings
                                               168,336     Spanish pesetas
                                                 8,79309   Swedish kroner
                                                 0,677353  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
                    7,27139     Danish kroner                               7,87734     Danish kroner
                    1,90761     German marks                                2,06657     German marks
                  325,307       Greek drachmas                            352,416       Greek drachmas
                  195,368       Portuguese escudos                        211,649       Portuguese escudos
                    6,43047     French francs                               6,96634     French francs
                    5,79626     Finnish marks                               6,27928     Finnish marks
                    2,14993     Dutch guilders                              2,32909     Dutch guilders
                    0,765886    Irish punt                                  0,829709    Irish punt
                1 898,01        Italian lire                            2 056,18        Italian lire
                   13,4208      Austrian schillings                        14,5392      Austrian schillings
                  161,862       Spanish pesetas                           175,350       Spanish pesetas
                    8,45489     Swedish kroner                              9,15947     Swedish kroner
                    0,651301    Pound sterling                              0,705576    Pound sterling