CELEX: 31997R1398
Language: en
Date: 1997-07-18 00:00:00
Title: COMMISSION REGULATION (EC) No 1398/97 of 18 July 1997 fixing the agricultural conversion rates

No L 190/44        r~EN |               Official Journal of the European Communities                                   19 . 7. 97
                                      COMMISSION REGULATION (EC) No 1398 /97
                                                        of 18 July 1997
                                          fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       Danish krone, the German mark, the Portuguese escudo,
                                                                  the French franc, the Dutch guilder, the Austrian schil­
Having regard to the Treaty establishing the European             ling and the Spanish peseta;
Community,
                                                                  Whereas Article 15 (2) of Regulation (EEC) No 1068/93
Having regard to Council Regulation (EEC) No 3813/92              provides that an agricultural conversion rate fixed in
of 28 December 1992 on the unit of account and the                advance is to be adjusted if the gap between that rate and
conversion rates to be applied for the purposes of the            the agricultural conversion rate in force at the time of the
common agricultural policy ('), as last amended by Regu­          operative event applicable for the amount concerned
lation (EC) No 150/95 (2), and in particular Article 3 ( 1 )      exceeds four points; whereas, in that event, the agricul­
thereof,                                                           tural conversion rate fixed in advance is brought more
                                                                   closely into line with the rate in force, up to the level of a
Whereas the agricultural conversion rates were fixed by           gap of four points with that rate; whereas the rate which
Commission Regulation (EC) No 1335/97 (3);                         replaces the agricultural conversion rate fixed in advance
                                                                   should be specified,
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that, subject to confirmation periods being trig­         HAS ADOPTED THIS REGULATION :
gered, the agricultural conversion rate for a currency is to
be adjusted where the monetary gap between it and the                                        Article 1
representative market rate exceeds certain levels;                 The agricultural conversion rates are fixed in Annex I
                                                                   hereto .
Whereas the representative market rates are determined
on the basis of basic reference periods or, where applic­                                    Article 2
able, confirmation periods, established in accordance with
Article 2 of Commission Regulation (EEC) No 1068/93 of             In the case referred to in Article 15 (3) of Regulation
30 April 1993 on detailed rules for determining and                (EEC) No 1068 /93, the agricultural conversion rate fixed
applying the agricultural conversion rates (4), as last            in advance shall be replaced by the ecu rate for the
amended by Regulation (EC) No 1482/96 0; whereas                   currency concerned, shown in Annex II :
paragraph 2 of that Article provides that, in cases where          — Table A, where the latter rate is higher than the rate
the absolute value of the difference between the monetary              fixed in advance,
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                                         Article J
question;
                                                                   Regulation (EC) No 1335/97 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded                                     Article 4
 from 11 July to 20 July 1997, it is necessary to fix a new
 agricultural conversion rate for the Belgian franc, the           This Regulation shall enter into force on 21 July 1997.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States .
                 Done at Brussels, 18 July 1997.
                                                                             For the Commission
                                                                                Franz FISCHLER
                                                                         Member of the Commission
 (') OJ No L 387, 31 . 12. 1992, p. 1 .
 (4 OJ No L 22, 31 . 1 . 1995, p. 1 .
 0 OJ No L 183, 11 . 7. 1997, p. 10.
 (4) OJ No L 108 , 1 . 5. 1993, p. 106.
 O OJ No L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 19. 7. 97     MErn               Official Journal of the European Communities                                 No L 190/45
                                                         ANNEX I
                                             Agricultural conversion rates
                                 ECU 1 =          40,8741    Belgian and
                                                             Luxembourg francs
                                                   7,54258   Danish kroner
                                                   1,97970   German marks
                                                 312,011     Greek drachmas
                                                 199,837     Portuguese escudos
                                                   6,68769   French francs
                                                   6,02811   Finnish marks
                                                   2,22893   Dutch guilders
                                                   0,759189  Irish punt
                                               1 973,93      Italian lire
                                                  13,9291    Austrian schillings
                                                 166,839     Spanish pesetas
                                                   8,88562   Swedish kroner
                                                   0,720829  Pound sterling
                                                        ANNEX II
                          Agricultural conversion rates fixed in advance and adjusted
                            Table A                                                  Table B
          ECU 1 -    39,3020      Belgian and                 ECU 1 =        42,5772      Belgian and
                                  Luxembourg francs                                       Luxembourg francs
                      7,25248     Danish kroner                               7,85685     Danish kroner
                      1,90356     German marks                                2,06219     German marks
                    300,011       Greek drachmas                            325,011       Greek drachmas
                    192,151       Portuguese escudos                        208,164       Portuguese escudos
                      6,43047     French francs                               6,96634     French francs
                      5,79626     Finnish marks                               6,27928     Finnish marks
                      2,14320     Dutch guilders                              2,32180     Dutch guilders
                      0,729989    Irish punt                                  0,790822    Irish punt
                  1 898,01        Italian lire                            2 056,18        Italian lire
                     13,3934      Austrian schillings                        14,5095      Austrian schillings
                    160,422       Spanish pesetas                           173,791       Spanish pesetas
                      8,54387     Swedish kroner                              9,25585     Swedish kroner
                      0,693105    Pound sterling                              0,750864    Pound sterling