Commission Regulation (EEC) No 3294/86 of 29 October 1986 fixing the conversion rate to be applied in respect of levies and refunds in the rice sector

COMMISSION  REGULATION (EEC) No 3294/86
of 29 October 1986
fixing the conversion rate to be applied in respect of levies and refunds in the rice sector
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community,
Having regard to Council Regulation (EEC) No 1676/85 of 11 June 1985 on the value of the unit of account and the conversion rates to be applied for the purposes of the common agricultural policy (1), and in particular Article 2 (4) thereof,
Whereas, in the rice sector, the conversion into national currency of import levies and export refunds by means of the agricultural conversion rate gives rise to deflections of trade with third countries; whereas, in order to remedy the situation, a conversion rate closer to economic reality should be applied;
Whereas the Commission's powers in the matter of import levies and export refunds include the power to introduce derogations within the meaning of Article 10 (2) of Regulation (EEC) No 1676/85;
Whereas, for the purposes of administrative simplification, this conversion rate should be determined by means of a monetary coefficient, the calculation and application of which is based on the established practice for the calculation of monetary compenstory amounts;
Whereas the Management Committee for Cereals has not delivered an opinion within the time limit set by its chairman,