CELEX: 31998R0754
Language: en
Date: 1998-04-02 00:00:00
Title: Commission Regulation (EC) No 754/98 of 2 April 1998 fixing the agricultural conversion rates

L 103/26             EN                Official Journal of the European Communities                                     3. 4. 98
                                   COMMISSION REGULATION (EC) No 754/98
                                                      of 2 April 1998
                                        fixing the agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                       German mark, the Portuguese escudo, the Dutch guilder,
                                                                  the Austrian schilling and the Spanish peseta;
Having regard to the Treaty establishing the European
Community,                                                        Whereas Article 15(2) of Regulation (EEC) No 1068/93
                                                                  provides that an agricultural conversion rate fixed in
Having regard to Council Regulation (EEC) No 3813/92              advance is to 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 amount concerned
common agricultural policy (1), as last amended by Regu-          exceeds four points; whereas, in that event, the agricul-
lation (EC) No 150/95 (2), and in particular Article 3 (1)        tural conversion rate fixed in advance is brought more
thereof,                                                          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 654/98 (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
Whereas the representative market rates are determined            hereto.
on the basis of basic reference periods or, where ap-                                       Article 2
plicable, confirmation periods, established in accordance
with Article 2 of Commission Regulation (EEC) No 1068/            In the case referred to in Article 15(2) of Regulation (EEC)
93 of 30 April 1993 on detailed rules for determining and         No 1068/93, the agricultural conversion rate fixed in
applying the agricultural conversion rates (4), as last           advance shall be replaced by the ecu rate for the currency
amended by Regulation (EC) No 1482/96 (5); whereas                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 ques-                                  Article 3
tion;                                                             Regulation (EC) No 654/98 is hereby repealed.
Whereas, as a consequence of the exchange rates recorded
from 24 March to 2 April 1998, it is necessary to fix a new                                 Article 4
agricultural conversion rate for the Danish krone, the            This Regulation shall enter into force on 3 April 1998.
                 This Regulation shall be binding in its entirety and directly applicable in all Member
                 States.
                 Done at Brussels, 2 April 1998.
                                                                             For the Commission
                                                                                Franz FISCHLER
                                                                         Member of the Commission
(1) OJ L 387, 31. 12. 1992, p. 1.
(2) OJ L 22, 31. 1. 1995, p. 1.
(3) OJ L 88, 24. 3. 1998, p. 45.
(4) OJ L 108, 1. 5. 1993, p. 106.
(5) OJ L 188, 27. 7. 1996, p. 22.
 ---pagebreak--- 3. 4. 98       EN                 Official Journal of the European Communities                                L 103/27
                                                        ANNEX I
                                              Agricultural conversion rates
                                 ECU 1=          40,9321     Belgian and
                                                             Luxembourg francs
                                                  7,56225    Danish kroner
                                                  1,98391    German marks
                                                349,703      Greek drachmas
                                                203,183      Portuguese escudos
                                                  6,68769    French francs
                                                  6,02811    Finnish marks
                                                  2,23593    Dutch guilders
                                                  0,796521   Irish punt
                                              1 973,93       Italian lire
                                                 13,9576     Austrian schillings
                                                168,336      Spanish pesetas
                                                  8,79309    Swedish kroner
                                                  0,695735   Pound sterling
                                                        ANNEX II
                            Agricultural conversion rates fixed in advance and adjusted
                             Table A                                                  Table B
         ECU 1 =    39,3578      Belgian and                 ECU 1 =         42,6376      Belgian and
                                 Luxembourg francs                                        Luxembourg francs
                     7,27139     Danish kroner                                7,87734     Danish kroner
                     1,90761     German marks                                 2,06657     German marks
                   336,253       Greek drachmas                             364,274       Greek drachmas
                   195,368       Portuguese escudos                         211,649       Portuguese escudos
                     6,43047     French francs                                6,96634     French francs
                     5,79626     Finnish marks                                6,27928     Finnish marks
                     2,14993     Dutch guilders                               2,32909     Dutch guilders
                     0,765886    Irish punt                                   0,829709    Irish punt
                 1 898,01        Italian lire                             2 056,18        Italian lire
                    13,4208      Austrian schillings                         14,5392      Austrian schillings
                   161,862       Spanish pesetas                            175,350       Spanish pesetas
                     8,45489     Swedish kroner                               9,15947     Swedish kroner
                     0,668976    Pound sterling                               0,724724    Pound sterling