Commission Regulation (EC) No 725/98 of 31 March 1998 adjusting agrimonetary compensatory aid paid in Ireland

COMMISSION REGULATION (EC) No 725/98 of 31 March 1998 adjusting agrimonetary compensatory aid paid in Ireland
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Community,
Having regard to Council Regulation (EC) No 724/97 of 22 April 1997 determining measures and compensation relating to appreciable revaluations that affect farm incomes (1), and in particular Article 7 thereof,
Whereas Commission Regulation (EC) No 806/97 of 2 May 1997 fixing the maximum amounts of compensatory aid relating to appreciable revaluations of the Irish pound, the pound sterling and the Italian lira occurring prior to 31 March 1997 (2), as amended by Regulation (EC) No 1219/97 (3), inter alia fixes the maximum aid for the appreciable revaluation of the Irish pound on 29 March 1997;
Whereas the second subparagraph of Article 4(4) of Regulation (EC) No 724/97 lays down that the second and third tranches of compensatory aid are to be reduced in proportion to the effect on incomes of the movement of agricultural conversion rates up until the beginning of the month preceding the first month of the relevant tranche;
Whereas the conversion rate for the Irish pound increased on several occasions between the date of its appreciable revaluation and the beginning of the month preceding the first month of the second tranche; whereas, given the rate of exchange reached, the second tranche of aid for Ireland should be cancelled;
Whereas the measures provided for in this Regulation are in accordance with the opinion of the relevant Management Committees,