31976R2423

6 . 10 . 76 Official Journal of the European Communities No L 274/ 1

I

(Acts whose publication is obligatory)

COUNCIL REGULATION (EEC) No 2423/76 of 5 October 1976 amending Regulation (EEC) No 557/76 as regards the exchange rate to be applied in agriculture (or the Irish pound

THE COUNCIL OF THE EUROPEAN HAS ADOPTED THIS REGULATION : COMMUNITIES,

Article 1 I Having regard to the Treaty establishing the European Economic Community, 1 . In Article 2 ( 1 ) of Regulation (EEC) No 557/76, point (e) is replaced by the following :

'(e) for the Irish pound : Having regard to Council Regulation No 129 on the value of the unit of account and the exchange rates to £1 Irish = 1-56778 units of account be applied for the purposes of the common agricul­ tural policy ('), as last amended by Regulation (EEC) 2. However, for the purposes of calculating, firstly, No 2543/73 (2), and in particular Article 3 thereof, monetary compensatory amounts applicable from 4 to 10 October 1976, and secondly, factors employed during the same period for determining differential Having regard to the proposal from the Commission, amounts applicable to colza and rape seed, the opera­ tive representative rate shall be the following :

£1 Irish = 1-65547 units of account. Whereas Council Regulation (EEC) No 557/76 of 15 March 1976 on the exchange rates to be applied in agriculture and repealing Regulation (EEC) No Article 2 475/75 (3), as last amended by Regulation (EEC) No 1451 /76 (4), fixed a representative rate for the Irish The following paragraph is added to Article 2 of Regu-. pound ; whereas the movement of this currency indi­ lation (EEC) No 557/76 : cates the advisability of fixing a new representative rate which reflects more closely the real economic situ­ '4. The representative rate of the Irish pound as ation ; whereas this rate should be applied in principle fixed by Regulation (EEC) No 2423/76 shall as from the dates on which prices change ; apply :

(a) from the dates shown in (b) and (c) of para­ Whereas measures should be taken to ensure a graph 2 for the products mentioned therein ; smooth transition to this rate ; (b) from the beginning of the 1976/77 marketing year for the other products for which the marketing year has not commenced by 1 1 October 1976 ; Whereas the Monetary Committee will be consulted ; whereas, in view of the urgency of the matter, the (c) from 11 October 1976 in all other cases.'. proposed measures should be adopted under the conditions laid down in Article 3 (2), of Regulation No 129 , Article 3

(') OJ No 106, 30 . 10 . 1962, p. 2553/62. This Regulation shall enter into force on the day of its (2) OJ No L 263, 19. 9 . 1973, p. 1 . publication in the Official Journal of the European (3) OJ No L 67, 15 . 3 . 1976, p. 1 . Communities. b) OJ No I 163, 24. 6. 1976, p. 5.

No L 274/ 2 Official Journal of the European Communities 6 . 10 . 76

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

Done at Luxembourg, 5 October 1976. For the Council The President A. P. L. M. M. van der STEE