CELEX: 31993R2422
Language: en
Date: 1993-09-01 00:00:00
Title: Commission Regulation (EEC) No 2422/93 of 31 August 1993 fixing the agricultural conversion rates

No L 222/40                             Official Journal of the European Communities                                   1 . 9 . 93
                                   COMMISSION REGULATION (EEC) No 2422/93
                                                      of 31 August 1993
                                         fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       advance shall be adjusted if the gap between that rate and
                                                                  the agricultural conversion rate in force at the time of the
Having regard to the Treaty establishing the European             operative event applicable for the currency concerned
Economic Community,                                               exceeds four points ; whereas, in that event, the agricul­
                                                                  tural conversion rate fixed in advance is brought more
Having regard to Council Regulation (EEC) No 3813/92              closely into line with the rate in force, up to the level of a
of 28 December 1992 on the unit of account and the
                                                                  gap of four points with that rate ; whereas the rate which
conversion rates to be applied for the purposes of the            replaces the agricultural conversion rate fixed in advance
common agricultural policy ('), and in particular                 should be specified,
Article 3 ( 1 ),
Whereas the agricultural conversion rates were fixed by           HAS ADOPTED THIS REGULATION :
Commission Regulation (EEC) No 2332/93 (2) ;
Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92                                       Article 1
provides that the agricultural conversion rate for a floating
currency shall be adjusted where the monetary gap with            The agricultural conversion rates are fixed in Annex I
                                                                  hereto.
the representative market rate for the last reference period
of a month exceeds two points ; whereas, in that case, the
new agricultural conversion rate is fixed so as to reduce                                   Article 2
that monetary gap by half ;
                                                                   In the casfe referred to in Article 15 (3) of Regulation
Whereas the representative market rates are determined            (EEC) No 1068/93, the agricultural conversion rate fixed
on the basis of reference periods determined in accord­           in advance shall be replaced by the ecu rate for the
ance with Commission Regulation (EEC) No 1068/93 of               currency concerned, shown in Annex II :
30 April 1993, on detailed rules for determining and              — Table A, where the latter rate is higher than the rate
applying the agricultural conversion rates (3) ;                      fixed in advance,
                                                                      or
Whereas, in view of the decision by the Ministers of
Finance on 2 August 1993, all the Member States' curren­          — Table B, where the latter rate is lower than the rate
                                                                      fixed in advance .
cies are to be regarded as floating currencies in accor­
dance with Article 1 (b) of Regulation (EEC) No 3813/93 ;
                                                                                            Article 3
Whereas, as a consequence of the exchange rates recorded
during the reference period 21 to 31 August 1993, it is            Regulation (EEC) No 2332/93 is hereby repealed.
necessary to fix a new agricultural conversion rate for the
Greek drachma ;                                                                             Article 4
Whereas Article 15 (3) of Regulation (EEC) No 1068/93             This Regulation shall enter into force on 1 September
provides that an agricultural conversion rate fixed in             1993 .
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 31 August 1993.
                                                                            For the Commission
                                                                               Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p . 1 .
0 OJ No L 210, 21 . 8. 1993, p. 13.
 J) OJ No L 108 , 1 . 5. 1993, p. 106.
 ---pagebreak--- 1 . 9 . 93                       Official Journal of the European Communities                                  No L 222/41
                                                       ANNEX I
                                             Agricultural conversion rates
                                      ECU 1 =        48,5563      Belgian and
                                                                  Luxembourg francs
                                                      9,348 1 2   Danish kroner
                                                      2,3541 8   German marks
                                                   322,728       Greek drachmas
                                                   1 90,382      Spanish pesetas
                                                      7,98191     French francs
                                                      0,976426    Irish punt
                                                 2 166,58         Italian lire
                                                      2,65256     Dutch guilders
                                                   236,933        Portuguese escudos
                                                      0,920969    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
                       8,98858    Danish kroner                                  9,73763    Danish kroner
                       2,26363    German marks                                   2,45227    German marks
                     310,315      Greek drachmas                               336,175      Greek drachmas
                     183,060      Spanish pesetas                              198,315      Spanish pesetas
                       7,67491    French francs                                  8,31449    French francs
                       0,938871   Irish punt                                     1,01711    Irish punt
                   2 083,25       Italian lire                               2 256,85       Italian lire
                       2,55054    Dutch guilders                                 2,76308    Dutch guilders
                     227,820      Portuguese escudos                           246,805      Portuguese escudos
                       0,885547   Pound sterling                                 0,959343   Pound sterling