CELEX: 31997R0759
Language: en
Date: 1997-04-25 00:00:00
Title: COMMISSION REGULATION (EC) No 759/97 of 25 April 1997 fixing the agricultural conversion rates

No L 110 /46            EN                 Official Journal of the European Communities                                  26 . 4. 97
                                        COMMISSION REGULATION (EC) No 759/97
                                                          of 25 April 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
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 ('), as last amended by Regu­             closely into line with the rate in force, up to the level of a
lation (EC) No 1 50/95 (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 575/97 (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
                                                                     hereto .
representative market rate exceeds certain levels;
Whereas the representative market rates are determined                                         Article 2
on the basis of basic reference periods or, where applic­
able, confirmation periods, established in accordance with           In the case referred to in Article 15 (3) of Regulation
Article 2 of Commission Regulation (EEC) No 1068/93 of               (EEC) No 1068 /93, the agricultural conversion rate fixed
30 April 1993 on detailed rules for determining and                  in advance shall be replaced by the ecu rate for the
applying the agricultural conversion rates (4), as last              currency concerned, shown in Annex II:
amended by Regulation (EC) No 1482/96 0; whereas
paragraph 2 of that Article provides that, in cases where            — Table A, where the latter rate is higher than the rate
                                                                         fixed in advance,
the absolute value of the difference between the monetary
gaps in two Member States, calculated from the average of            — Table B, where the latter rate is lower than the rate
the ecu rates for three consecutive quotation days, exceeds              fixed in advance .
six points, the representative market rates are to be
adjusted on the basis of the three quotation days in ques­                                     Article 3
tion ;
                                                                     Regulation (EC) No 575/97 is hereby repealed .
Whereas, as a consequence of the exchange rates recorded
from 16 to 25 April 1997, it is necessary to fix a new agri­                                   Article 4
cultural conversion rate for the Belgian franc, the German
mark, the Dutch guilder and the Austrian schilling;                  This Regulation shall enter into force on 26 April 1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                   States .
                   Done at Brussels, 25 April 1997.
                                                                               For the Commission
                                                                                 Franz FISCHLER
                                                                           Member of the Commission
 ') OJ No  L  387, 31 . 12. 1992,   p. 1 .
 2) OJ No  L  22, 31 . 1 . 1995, p.  1.
 3) OJ No  L  86, 28 . 3 . 1997, p.  1.
 4) OJ No  L  108 , 1 . 5. 1993, p.  106.
 5 OJ No L 188 , 27. 7. 1996, p. 22.
 ---pagebreak--- 26. 4 . 97       EN                Official Journal of the European Communities                                 No L 110 /47
                                                           ANNEX I
                                               Agricultural conversion rates
                                   ECU 1 =          40,4180    Belgian and
                                                               Luxembourg francs
                                                     7,49997   Danish kroner
                                                     1,95903   German marks
                                                   311,761     Greek drachmas
                                                   198,202     Portuguese escudos
                                                     6,61023   French francs
                                                     6,02811   Finnish marks
                                                     2,20270   Dutch guilders
                                                     0,756658  Irish punt
                                                 1 973,93      Italian lire
                                                    13,7880    Austrian schillings
                                                   165,571     Spanish pesetas
                                                     8,83274   Swedish kroner
                                                     0,742320  Pound sterling
                                                          ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                              Table A                                                  Table B
           ECU 1 =     38,8635      Belgian and                 ECU 1 =        42,1021      Belgian and
                                    Luxembourg francs                                       Luxembourg francs
                        7,21151     Danish kroner                               7,81247     Danish kroner
                        1,88368     German marks                                2,04066     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
                        2,11798     Dutch guilders                              2,29448     Dutch guilders
                        0,727556    Irish punt                                  0,788185    Irish punt
                    1 898,01        Italian lire                            2 056,18        Italian lire
                       13,2577      Austrian schillings                        14,3625      Austrian schillings
                      159,203       Spanish pesetas                           172,470       Spanish pesetas
                        8,49302     Swedish kroner                              9,20077     Swedish kroner
                        0,713769    Pound sterling                              0,773250    Pound sterling