Commission Regulation (EC) No 1562/98 of 20 July 1998 fixing the agricultural conversion rates
21. 7. 98 EN Official Journal of the European Communities L 203/3 COMMISSION REGULATION (EC) No 1562/98 of 20 July 1998 fixing the agricultural conversion rates THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the conversion rates to be applied for the purposes of the common agricultural policy (1), as last amended by Regu- lation (EC) No 150/95 (2), and in particular Article 3 (1) thereof, Whereas the agricultural conversion rates were fixed by Commission Regulation (EC) No 932/98 (3); Whereas Article 4 of Regulation (EEC) No 3813/92 provides that, subject to confirmation periods being trig- gered, the agricultural conversion rate for a currency is to be adjusted where the monetary gap between it and the representative market rate exceeds certain levels; Whereas the representative market rates are determined on the basis of basic reference periods or, where ap- plicable, confirmation periods, established in accordance with Article 2 of Commission Regulation (EEC) No 1068/ 93 of 30 April 1993 on detailed rules for determining and applying the agricultural conversion rates (4), as last amended by Regulation (EC) No 961/98 (5); whereas para- graph 2 of that Article provides that, in cases where the absolute value of the difference between the monetary gaps in two Member States, calculated from the average of the ecu rates for three consecutive quotation days, exceeds the representative market rates are to be six points, adjusted on the basis of the three quotation days in ques- tion; Whereas, as a consequence of the exchange rates recorded from 11 July to 20 July 1998, it is necessary to fix a new agricultural conversion rate for the Greek drachma; Whereas Article 15(2) of Regulation (EEC) No 1068/93 provides that an agricultural conversion rate fixed in advance is to be adjusted if the gap between that rate and the agricultural conversion rate in force at the time of the operative event applicable for the amount concerned exceeds four points; whereas, in that event, the agricul- 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 replaces the agricultural conversion rate fixed in advance should be specified, HAS ADOPTED THIS REGULATION: Article 1 The agricultural conversion rates are fixed in Annex I hereto. Article 2 In the case referred to in Article 15(2) of Regulation (EEC) No 1068/93, the agricultural conversion rate fixed in advance shall be replaced by the ecu rate for the currency concerned, shown in Annex II: ü Table A, where the latter rate is higher than the rate fixed in advance, ü Table B, where the latter rate is lower than the rate fixed in advance. Regulation (EC) No 932/98 is hereby repealed. Article 3 This Regulation shall enter into force on 21 July 1998. Article 4 This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 20 July 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 130, 1. 5. 1998, p. 16. (4) OJ L 108, 1. 5. 1993, p. 106. (5) OJ L 135, 8. 5. 1998, p. 5. L 203/4 EN Official Journal of the European Communities 21. 7. 98 ANNEX I Agricultural conversion rates ECU 1= 40,9321 7,56225 1,98391 338,319 203,183 6,68769 6,02811 2,23593 0,796521 1 973,93 13,9576 168,336 8,79309 0,677353 Belgian and Luxembourg francs Danish kroner German marks Greek drachmas Portuguese escudos French francs Finnish marks Dutch guilders Irish punt Italian lire Austrian schillings Spanish pesetas Swedish kroner Pound sterling ANNEX II Agricultural conversion rates fixed in advance and adjusted Table A Table B ECU 1 = 39,3578 7,27139 1,90761 325,307 195,368 6,43047 5,79626 2,14993 0,765886 1 898,01 13,4208 161,862 8,45489 0,651301 Belgian and Luxembourg francs Danish kroner German marks Greek drachmas Portuguese escudos French francs Finnish marks Dutch guilders Irish punt Italian lire Austrian schillings Spanish pesetas Swedish kroner Pound sterling ECU 1 = 42,6376 7,87734 2,06657 352,416 211,649 6,96634 6,27928 2,32909 0,829709 2 056,18 14,5392 175,350 9,15947 0,705576 Belgian and Luxembourg francs Danish kroner German marks Greek drachmas Portuguese escudos French francs Finnish marks Dutch guilders Irish punt Italian lire Austrian schillings Spanish pesetas Swedish kroner Pound sterling