CELEX: 31998R0332
Language: en
Date: 1998-02-10 00:00:00
Title: COMMISSION REGULATION (EC) No 332/98 of 10 February 1998 fixing the agricultural conversion rates

L 37/22               EN                Official Journal of the European Communities                                    11. 2. 98
                                   COMMISSION REGULATION (EC) No 332/98
                                                    of 10 February 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 270/98 ( 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       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;
Whereas the representative market rates are determined                                       Article 2
on the basis of basic reference periods or, where ap-              In the case referred to in Article 15 (2) of Regulation
plicable, confirmation periods, established in accordance          (EEC) No 1068/93, the agricultural conversion rate fixed
with Article 2 of Commission Regulation (EEC) No                   in advance shall be replaced by the ecu rate for the
1068/93 of 30 April 1993 on detailed rules for deter-              currency concerned, shown in Annex II:
mining and applying the agricultural conversion rates ( 4),
as last amended by Regulation (EC) No 1482/96 ( 5);                 Table A, where the latter rate is higher than the rate
whereas paragraph 2 of that Article provides that, in cases            fixed in advance,
where the absolute value of the difference between the              Table B, where the latter rate is lower than the rate
monetary gaps in two Member States, calculated from the                fixed in advance.
average of the ecu rates for three consecutive quotation
days, exceeds six points, the representative market rates                                    Article 3
are to be adjusted on the basis of the three quotation days        Regulation (EC) No 270/98 is hereby repealed.
in question;
                                                                                             Article 4
Whereas, as a consequence of the exchange rates
recorded from 1 to 10 February 1998, it is necessary to fix        This Regulation shall enter into force on 11 February
a new agricultural conversion rate for the Swedish crown;          1998.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 10 February 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 25, 31. 1. 1998, p. 79.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 11. 2. 98       EN                 Official Journal of the European Communities                                L 37/23
                                                         ANNEX I
                                               Agricultural conversion rates
                                   ECU 1=         40,9321     Belgian and
                                                              Luxembourg francs
                                                   7,54917    Danish kroner
                                                   1,98243    German marks
                                                 312,011      Greek drachmas
                                                 201,690      Portuguese escudos
                                                   6,68769    French francs
                                                   6,02811    Finnish marks
                                                   2,23273    Dutch guilders
                                                   0,785663   Irish punt
                                               1 973,93       Italian lire
                                                  13,9485     Austrian schillings
                                                 167,153      Spanish pesetas
                                                   8,76111    Swedish kroner
                                                   0,695735   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
                      7,25882     Danish kroner                                7,86372     Danish kroner
                      1,90618     German marks                                 2,06503     German marks
                    300,011       Greek drachmas                             325,011       Greek drachmas
                    193,933       Portuguese escudos                         210,094       Portuguese escudos
                      6,43047     French francs                                6,96634     French francs
                      5,79626     Finnish marks                                6,27928     Finnish marks
                      2,14686     Dutch guilders                               2,32576     Dutch guilders
                      0,755445    Irish punt                                   0,818399    Irish punt
                  1 898,01        Italian lire                             2 056,18        Italian lire
                     13,4120      Austrian schillings                         14,5297      Austrian schillings
                    160,724       Spanish pesetas                            174,118       Spanish pesetas
                      8,42414     Swedish kroner                               9,12616     Swedish kroner
                      0,668976    Pound sterling                               0,724724    Pound sterling