31974R2498

No L 268/6 Official Journal of the European Communities 3 . 10 . 74

REGULATION (EEC) No 2498/74 OF THE COUNCIL of 2 October 1974 fixing representative conversion rates to be applied in agriculture for the curren­ cies of the new Member States

THE COUNCIL OF THE EUROPEAN measures provided for should be adopted subject to COMMUNITIES, the provisions of Article 3 (2) of Regulation No 129, Having regard to the Treaty establishing the European Economic Community ; HAS ADOPTED THIS REGULATION : Having regard to Council Regulation No 129 (J) on the value of the unit of account and the exchange rates to be applied for the purposes of the common Article 1 agricultural policy, as last amended by Regulation (EEC) No 2543/73 (2), and in particular Article 3 1 . Where transactions to be carried out in pursu­ thereof ; ance of instruments relating to the common agricul­ Having regard to the proposal from the Commission ; tural policy, or specific rules laid down under Article 235 of the Treaty, require the currencies of the new Having regard to the Opinion of the European Parlia­ Member States to be expressed in another currency or ment ; in units of account, the rate of exchange to be applied Whereas Regulation (EEC) No 222/73 (3), as amended for the conversion of prices and other amounts shall, by Regulation (EEC) No 560/73 (4), and Regulation in derogation from Article 2 (1 ) of Regulation No 129, (EEC) No 270/73 (5), as amended by Regulation (EEC) be that which corresponds to the representative rates for the currencies of those Member States . No 657/73 (6), fixed conversion rates to be applied in agriculture for the currencies of the new Member States ; 2. The representative rates referred to in paragraph 1 shall be : Whereas these rates were fixed with the aim of reflecting economic realities as closely as possible ; (a) for the Danish Kroner : whereas this aim is no longer being achieved in the the central rate for that currency ; case of the United Kingdom and Irish currencies ; whereas the conversion rates actually recorded for (b) for the Irish pound : these two currencies on exchange markets have since shown a significant depreciation ; £1 Irish = 1-9485 units of account ; Whereas it is in the Community's interest to return to (c) for the pound sterling : a single price system ; whereas this aim can be £1 sterling = 2-0053 units of account. furthered by fixing for each of the two currencies in question a new representative rate which more closely reflects current economic realities ; Article 2 Whereas the problems raised by any alteration of the relationship between the unit of account and a The provisions of Regulation , (EEC) No 1 1 34/68 national currency have led to rules being adopted in regarding the alteration of the relationship between the matter, in particular Council Regulation (EEC) No the parity of the currency of a Member State and the 11 34/68 (7) of 30 July 1968 laying down rules for the value of the unit of account shall apply in respect of implementation of Regulation (EEC) No 653/68 on alterations to the representative rates for the Irish conditions for alterations to the value of the unit of pound and the pound sterling. account used for the common agricultural policy ; whereas these provisions deal only with alterations to Article 3 the parity of a currency ; whereas they could also be applied in the present case of alteration in a represen­ tative rate ; Regulation (EEC) No 222/73 shall be repealed.

Whereas the Monetary Committee will be consulted on the fixing pf the new representative rates and Article 4 whereas, in view of the urgency of the situation, the 1 . This Regulation shall enter into force on 7 October 1974 . (■) OJ No 106, 30 . 10 . 1962, p. 2553/62. (2). OJ No L 263, 19 . 9 . 1973, p. 1 . (3) OJ No L 27, 1 . 2. 1973, p. 4. 2. The representative rate shall cease to be appli­ (4) OJ No L 55, 28 . 2. 1973, p. 5. cable to the currency of any of the Member States (5) OJ No L 30, 1 . 2. 1973, p. 77. referred to in Article 1 as soon as that State communi­ (b) OJ No L 62, 8 . 3 . 1973, p. 15. (7) OJ No L 188 , 1 . 8 . 1968 , p. 1 . cates a new parity to the International Monetary Fund.

3 . 10 . 74 Official Journal of the European Communities No L 268/7

This Regulation shall be binding in its entirety and directly applicable in all Member States .

Done at Luxembourg, 2 October 1974. For the Council The President

Ch . BONNET