CELEX: 31993R3634
Language: en
Date: 1993-12-30 00:00:00
Title: Commission Regulation (EC) No 3634/93 of 29 December 1993 fixing the agricultural conversion rates

No L 329/30                           Official Journal of the European Communities                                 30 . 12. 93
                                    COMMISSION REGULATION (EC) No 3634/93
                                                   of 29 December 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 27 to 29 December 1993, it is
                                                                 necessary to fix a new agricultural conversion rate for the
 Having regard to the Treaty establishing the European           Italian lira ;
 Community,
                                                                 Whereas Article 15 (3) 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 shall 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 currency concerned
 lation (EC) No 3528/93 (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
                                                                 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 2249/93 (3) ;                    should be specified,
Whereas Article 4 of Regulation (EEC) No 3813/92
provides that the agricultural conversion rate for a floating
currency is to be adjusted where the monetary gap
                                                                 HAS ADOPTED THIS REGULATION :
between it and the representative market rate exceeds
certain levels ; whereas, notwithstanding that Article 4,
Article 4a of that Regulation applies until 31 December
 1994 ;                                                                                    Article 1
Whereas the representative market rates are determined           The agricultural conversion rates are fixed in Annex I
on the basis of reference periods established in accord­         hereto .
ance with Commission Regulation (EEC) No 1068/93 of
30 April 1993 on detailed rules for determining and
applying the agricultural conversion rates (4) ;
                                                                                           Article 2
Whereas, in view of the decision by the Ministers of
Finance on 2 August 1993, all the Member States' curren­         In the case referred to in Article 15 (3) of Regulation
cies are to be regarded floating currencies in accordance        (EEC) No 1068/93, the agricultural conversion rate fixed
with Article 1 (b) of Regulation (EEC) No 3813/92 ;              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 1068/93 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
                                                                      fixed in advance.
points :
— 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 2811 /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 320, 22. 12. 1993, p. 32.
(J) OJ No L 256, 14. 10. 1993, p. 16.                            This Regulation shall enter into force on 30 December
(4) OJ No L 108, 1 . 5. 1993, p. 106.                            1993 .
 ---pagebreak--- 30. 12. 93                           Official Journal of the European Communities                                No L 329/31
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States.
              Done at Brussels, 29 December 1993.
                                                                               For the Commission
                                                                                  Rene STEICHEN
                                                                          Member of the Commission
                                                           ANNEX I
                                                 Agricultural conversion rates
                                         ECU 1 =        49,3070     Belgian and
                                                                    Luxembourg francs
                                                         9,34812    Danish kroner
                                                         2,3541 8   German marks
                                                       328,567      Greek drachmas
                                                       190,382      Spanish pesetas
                                                         7,98191    French francs
                                                         0,976426   Irish punt
                                                     2 264,19       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 =       47,4106     Belgian and                  ECU 1 =         51,3615     Belgian and
                                     Luxembourg francs                                        Luxembourg francs
                          8,98858    Danish kroner                                 9,73763    Danish kroner
                          2,26363    German marks                                  2,45227    German marks
                        315,930      Greek drachmas                              342,257      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
                      2 177,11       Italian lire                              2358,53        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