CELEX: 31998R0041
Language: en
Date: 1998-01-08 00:00:00
Title: COMMISSION REGULATION (EC) No 41/98 of 8 January 1998 fixing the agricultural conversion rates

L 5/18              ¬ EN ¬            Official Journal of the European Communities                                    9. 1. 98
                                    COMMISSION REGULATION (EC) No 41/98
                                                     of 8 January 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
                                                                 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               tural conversion rate fixed in advance is brought more
conversion rates to be applied for the purposes of the           closely into line with the rate in force, up to the level of a
common agricultural policy (1), 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 10/98 (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;
                                                                                          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 (2) 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 (5); 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
question;                                                        Regulation (EC) No 10/98 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                  Article 4
from 7 to 8 January 1998, it is necessary to fix a new agri-
cultural conversion rate for the Irish punt;                     This Regulation shall enter into force on 9 January 1998.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 8 January 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 3, 7. 1. 1998, p. 10.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 9. 1. 98     ¬ EN ¬             Official Journal of the European Communities                                 L 5/19
                                                        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
                                                 201,259    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
                                                   8,68510  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
                    193,518       Portuguese escudos                       209,645       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
                      8,35106     Swedish kroner                             9,04698     Swedish kroner
                      0,668976    Pound sterling                             0,724724    Pound sterling