31975R1925

26 . 7 . 75 No L 195/ 35 Official Journal of the European Communities

REGULATION (EEC) No 1925/75 OF THE COUNCIL

of 25 July 1975

on the rates of exchange to be applied in agriculture for the Irish pound and the pound sterling

THE COUNCIL OF THE EUROPEAN Whereas the Monetary Committee will be consulted COMMUNITIES , on the fixing of the new representative rates and whereas, in view of the urgency of the matter, the Having regard to the Treaty establishing the European measures should be adopted in accordance with the Economic Community ; conditions laid down in Article 3 (2) of Regulation No 129 , Having regard to Council Regulation No 1 29 (') on the value of the unit of account and the exchange HAS ADOPTED THIS REGULATION : rates to be applied for the purposes of the common agricultural policy, as last amended by Regulation (EEC) No 2543/73 (2), and in particular Article 3 Article 1 thereof ; In Article 1 (2) of Regulation (EEC) No 475/75, the Having regard to the proposal from the Commission ; representative rates referred to in (e) and (h) are replaced by the following rates : Whereas Council Regulation (EEC) No 475/75 (3) of '(e) for the Irish pound : 27 February 1975 on the exchange rates to be applied £ 1 Irish = 1-76843 units of account, in agriculture fixed , for the currencies of the Member (h) for the pound sterling : States, representative exchange rates to be used in agri­ £ 1 sterling = 1 -86369 units of account.' culture ;

Whereas those rates were fixed with the aim of Article 2 adapting them as closely as possible to the real The provisions of Regulation (EEC) No 1134/68 economic situation ; whereas that aim is no longer relating to the alteration of the relationship between achieved as regards the UK and Irish currencies ; the parity of the currency of a Member State and the whereas there has subsequently been considerable value of the unit of account shall apply in respect of depreciation in the conversion rates actually recorded the change in the representative rate for the Irish for both those currencies on the exchange markets ; pound and the pound sterling.

Whereas it is in the interests of the Community to Article 3 revert to a single price system ; whereas that aim may more easily be attained by fixing, for each of the 1 . This Regulation shall enter into force on the day currencies in question , a new representative rate of its publication in the Official Journal of the Euro­ which is closer to the real economic situation ; pean Communities. whereas , in applying those rates , the particular diffi­ culties which may arise in certain sectors should be 2. The new representative rates shall take effect taken into account ; from 4 August 1975, on the understanding that Article 2 of Regulation (EEC) No 475/75 shall remain Whereas the problems presented by the alteration of applicable for the products for which the 1975/76 the relationship between the unit of account and a marketing year has not yet begun on that date . national currency have resulted in the adoption of However : regulations in that sphere, and in particular Council Regulation (EEC) No 11 34/68 (4) of 30 July 1968 — in respect of the supplementary national premium laying down rules for the implementation of Regula­ granted under Article 1 (2) of Council Regulation tion ( EEC) No 653 /68 on conditions for alterations to ( EEC) No 464/75 (5 ) of 27 February 1975 esta­ the value of the unit of account used for the common blishing systems of premiums for producers of agricultural policy ; whereas those provisions refer bovine animals, the new representative rates shall only to alterations in the parity of a currency ; whereas take effect from 1 January 1976 ; the application of those provisions is also justified in — in respect of the amount of the premium referred the present case of a change in the representative to in Article 1 ( 1 ), second subparagraph, of Regula­ rate ; tion ( EEC) No 464/75 , the representative rates for the period of application of this Regulation shall (') OJ No 106, 30 . 10 . 1962, p . 2553/62 . be those valid before 4 August 1975 . (2 ) OJ No L 263 , 19 . 9 . 1973 , p. 1 . (3) OJ No L 52, 28 . 2. 1975, p . 28 . (■») OJ No L 188 , 1 . 8 . 1968 , p . 1 . (5 ) OJ No L 52, 28 . 2 . 1975, p. 5 .

L 195 / 36 26 . 7 . 75 Official Journal of the European Communities

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

Done at Brussels, 25 July 1975 .

For the Council

The President

G. MARCORA