CELEX: 31993R2010
Language: en
Date: 1993-07-24 00:00:00
Title: Commission Regulation (EEC) No 2010/93 of 23 July 1993 fixing the agricultural conversion rates

No L 182/48                            Official Journal of the European Communities                                  24. 7. 93
                                  COMMISSION REGULATION (EEC) No 2010/93
                                                       of 23 July 1993
                                         fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                      Whereas, as a consequence of the exchange rates recorded
                                                                  during the reference period 21 to 23 July 1993, it is
                                                                  necessary to fix a new agricultural conversion rate for the
Having regard to the Treaty establishing the European             pound sterling and the Portuguese escudo ;
Economic Community,
                                                                 Whereas Article 15 (3) of Regulation (EEC) No 1068/93
                                                                  provides that an agricultural conversion rate fixed in
Having regard to Council Regulation (EEC) No 3813/92              advance shall be adjusted if the gap between that rate and
of 28 December 1992 on the unit of account and the                the agricultural conversion rate in force at the time of the
conversion rates to be applied for the purposes of the            operative event applicable for the currency concerned
common agricultural policy ('), and in particular Article 3       exceeds four points ; whereas, in that event, the agricul­
(1 ) thereof,                                                     tural conversion rate fixed in advance is brought more
                                                                  closely into line with the rate in force, up to the level of a
                                                                  gap of four points with that rate ; whereas the rate which
Whereas the agricultural conversion rates were fixed by           replaces the agricultural conversion rate fixed in advance
Commission Regulation (EEC) No 1966/93 (2);                       should be specified,
Whereas Article 4 (3) of Regulation (EEC) No 3813/92
stipulates that if, over a reference period, the absolute
value of the difference in the gaps between the currencies        HAS ADOPTED THIS REGULATION :
of any two Member States exceeds four points, any mone­
tary gaps for the Member States concerned that exceed
two points shall immediately be reduced to two points ;
whereas, in Article 1 (f) of Regulation (EEC) No 3813/92,                                   Article 1
the term 'monetary gap' is defined as the percentage of
the agricultural conversion rate representing the                 The agricultural conversion rates are fixed in Annex I
difference between that rate and the representative market        hereto .
rate :
Whereas the representative market rates are determined                                      Article 2
on the basis of reference periods established in accord­
ance with Commission Regulation (EEC) No 1068/93 of               In the case referred to in Article 15 (3) of Regulation
30 April 1993 on detailed rules for determining and               (EEC) No 1068/93, the agricultural conversion rate fixed
applying the agricultural conversion rates (3) ;                  in advance shall be replaced by the ecu rate for the
                                                                  currency concerned, shown in Annex II :
Whereas, however, Article 2 of Regulation (EEC)                   — Table A, where the latter rate is higher than the rate
No 1068/93 provides that, in cases where the absolute                 fixed in advance,
value of the difference between the monetary gaps in two
                                                                      or                             •
Member States, calculated from the average on the ecu
rates for three consecutive working days, exceeds six             — Table B, where the latter rate is lower than the rate
points :                                                              fixed in advance .
— the representative market rates for the currencies in
     question shall be adjusted on the basis of the three                                   Article 3
     working days in question,
     and
                                                                   Regulation (EEC) No 1966/93 is hereby repealed.
— the basic reference period concerned begins the day
     following these three working days ;
                                                                                            Article 4
(l) OJ No L 387, 31 . 12. 1992, p. 1 .
O OJ No L 177, 21 . 7. 1993, p. 24.
O OJ No L 108, 1 . 5. 1993, p. 106.                               This Regulation shall enter into force on 24 July 1993.
 ---pagebreak--- 24. 7. 93                         Official Journal of the European Communities                                No L 182/49
            This Regulation shall be binding in its entirety and directly applicable in all Member
            States.
            Done at Brussels, 23 July 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
                                                    228,151      Portuguese escudos
                                                      0,930787   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
                      306,788      Greek drachmas                             332,354      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
                      219,376      Portuguese escudos                         237,657      Portuguese escudos
                        0,894988 Pound sterling                                 0,969570 Pound sterling