Commission Regulation (EC) No 2236/98 of 16 October 1998 amending Regulation (EC) No 296/96 on data to be forwarded by the Member States and the monthly booking of expenditure financed under the Guarantee Section of the European Agricultural Guidance and Guarantee Fund (EAGGF) and repealing Regulation (EEC) No 2776/88

COMMISSION REGULATION (EC) No 2236/98 of 16 October 1998 amending Regulation (EC) No 296/96 on data to be forwarded by the Member States and the monthly booking of expenditure financed under the Guarantee Section of the European Agricultural Guidance and Guarantee Fund (EAGGF) and repealing Regulation (EEC) No 2776/88
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Community,
Having regard to Council Regulation (EEC) No 729/70 of 21 April 1970 on the financing of the common agricultural policy (1), as last amended by Regulation (EC) No 1287/95 (2), and in particular Articles 4 and 5 thereof,
Whereas Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (3), provides in Article 2 that from 1 January 1999 the currency of the participating Member States shall be the euro;
Whereas it is accordingly necessary to amend Commission Regulation (EC) No 296/96 (4), as amended by Regulation (EC) No 1391/97 (5), specifying that the advances against the booking of expenditure shall be drawn up and paid to the participating Member States in euro;
Whereas the advances to be paid at the beginning of January 1999 relate to expenditure effected between 16 October and 30 November 1998; whereas these advances should still be paid to the participating Member States, for the last time, in units of national currency;
Whereas, for the non-participating Member States, the payment of the advances in euro, would lead to them taking over exchange rate differences between the 10th of month n + 1 and the third working day of month n + 2; whereas the taking over of exchange rate differences would constitute a new element in comparison to the system used up until now; whereas, in consequence, it is appropriate to provide specific measures for these Member States which avoid all differences compared to the amounts effectively spent;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the European Agricultural Guidance and Guarantee Fund Committee,