CELEX: 31997R0277
Language: en
Date: 1997-02-14 00:00:00
Title: COMMISSION REGULATION (EC) No 277/97 of 14 February 1997 fixing the agricultural conversion rates

15. 2. 97          I EN 1             Official Journal of the European Communities                               No L 45/37
                                       COMMISSION REGULATION (EC) No 277/97
                                                     of 14 February 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 Reg­          closely into line with the rate in force, up to the level of a
 ulation (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 229/97 (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     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 applic­
 able, confirmation periods, established in accordance with
                                                                  In the case referred to in Article 15 (3) of Regulation
                                                                  (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 (*); 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 ques­
 tion;                                                            Regulation (EC) No 229/97 is hereby repealed .
 Whereas, as a consequence of the exchange rates recorded                                   Article 4
 from 7 to 16 February 1997, it is necessary to fix a new
 agricultural conversion rate for the Belgian franc, German       This Regulation shall enter into force on 17 February
 mark, Austrian schilling and Spanish peseta;                     1997.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States .
                  Done at Brussels, 14 February 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 .
 4 OJ No L 37, 7. 2. 1997, p. 7.
(4) OJ No L 108, 1 . 5. 1993, p. 106.
O OJ No L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- No L 45/38    lEN ]              Official Journal of the European Communities                                  15 . 2. 97
                                                          ANNEX I
                                             Agricultural conversion rates
                                  ECU 1            40,3225    Belgian and
                                                              Luxembourg francs
                                                    7,49997   Danish kroner
                                                    1,95431   German marks
                                                  311,761     Greek drachmas
                                                  198,202     Portuguese escudos
                                                    6,61023   French francs
                                                    6,02811   Finnish marks
                                                    2,19514   Dutch guilders
                                                    0,778173  Irish punt
                                                1 973,93      Italian lire
                                                   13,7526    Austrian schillings
                                                  165,442     Spanish pesetas
                                                    8,69363   Swedish kroner
                                                    0,768177  Pound sterling
                                                         ANNEX II
                           Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                  Table B
           ECU 1 =    38,7716      Belgian and                 ECU 1 =        42,0026      Belgian and
                                   Luxembourg francs                                       Luxembourg francs
                       7,21151     Danish kroner                               7,81247     Danish kroner
                       1,87914     German marks                                2,03574     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
                       2,11071     Dutch guilders                              2,28660     Dutch guilders
                       0,748243    Irish punt                                  0,810597    Irish punt
                   1 898,01        Italian lire                            2 056,18        Italian lire
                      13,2237      Austrian schillings                        14,3256      Austrian schillings
                     159,079       Spanish pesetas                           172,335       Spanish pesetas
                       8,35926     Swedish kroner                              9,05586     Swedish kroner
                       0,738632    Pound sterling                              0,800184    Pound sterling