CELEX: 31993R0981
Language: en
Date: 1993-04-27 00:00:00
Title: Commission Regulation (EEC) No 981/93 of 26 April 1993 fixing the agricultural conversion rates

No L 101 / 10                        Official Journal of the European Communities                                  27. 4. 93
                                     COMMISSION REGULATION (EEC) No 981/93
                                                      of 26 April 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 22 to 26 April 1993, it is
                                                                 necessary to fix a new agricultural conversion rate for the
 Having regard to the Treaty establishing the European           Italian lira, the pound sterling and the Spanish peseta ;
 Economic Community,
                                                                 Whereas Article 11 (2) of Regulation (EEC) No 3819/92
                                                                 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 925/93 (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 22 to 26 in accordance with Commission
 Regulation (EEC) No 3819/92 of 28 December 1992 on              In the case referred to in Article 11 (2) of Regulation
detailed rules for determining and applying the agricul­
                                                                 (EEC) No 3819/92, the agricultural conversion rate fixed
tural 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 3819/92 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 925/93 is hereby repealed.
— the basic reference period concerned begins the day
      following these three working days ;
                                                                                           Article 4
(<) OJ No L 387, 31 . 12. 1992, p. 1 .
(2) OJ No L 95, 21 . 4. 1993, p. 27.
(3) OJ No L 387, 31 . 12. 1992, p. 17.                           This Regulation shall enter into force on 27 April 1993.
 ---pagebreak--- 27. 4. 93                           Official Journal of the European Communities                               No L 101 / 11
             This Regulation shall be binding in its entirety and directly applicable in all Member
             States.
             Done at Brussels, 26 April 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
                                                     314,412      Greek drachmas
                                                     169,628      Spanish pesetas
                                                       7,89563    French francs
                                                       0,957268   Irish punt
                                                   2 264,05       Italian lire
                                                       2,65256    Dutch guilders
                                                     214,525      Portuguese escudos
                                                       0,964017   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
                       302,319      Greek drachmas                             327,513      Greek drachmas
                       163,104      Spanish pesetas                            176,696      Spanish pesetas
                         7,59195    French francs                                8,22461    French francs
                         0,920450 Irish punt                                     0,997154 Irish punt
                     2 176,97       Italian lire                             2 358,39       Italian lire
                         2,55054 Dutch guilders                                  2,76308    Dutch guilders
                       206,274      Portuguese escudos                         223,464      Portuguese escudos
                         0,926939 Pound sterling                                 1,00418    Pound sterling