31988R0548

1 . 3 . 88 Official Journal of the European Communities No L 54/25

COMMISSION REGULATION (EEC) No 548/88 of 29 February 1988 fixing the aid for cotton

THE COMMISSION OF THE EUROPEAN COMMUNITIES, Whereas, if the world market price for unginned cotton cannot be determined as described above, this price shall be established on the basis of the most recent price deter­ Having regard to the Treaty establishing the European mined ; Economic Community,

Having regard to the Act of Accession of Spain and Whereas the world market price for unginned cotton is Portugal, equal to the sum of the values for ginned cotton and cotton seed defined in Article 1 of Commission Regula­ Having regard to the Act of Accession of Greece, and in tion (EEC) No 2183/81 of 30 July 1981 laying down rules particular paragraphs 3 and 10 of Protocol 4 on cotton implementing the system of aid for cotton (*), as last annexed thereto, as amended by Protocol 14 annexed to amended by Regulation (EEC) No 505/88 f), minus the the Act of Accession of Spain and of Portugal, and Regu­ cost of ginning ; lation (CEE) No 4006/87 ('),

Whereas the above values are established on the basis of Having regard to Council Regulation (EEC) No 2169/81 the prices determined in accordance with Articles 2 and 3 of 27 July 1981 laying down the general rules for the of Commission Regulation (EEC) No 2183/81 ; whereas system of aid for cotton (2), as last amended by Regulation the world market price is determined on the basis of the (EEC) No 2276/87 (3), and in particular Article 5 (1 ) most favourable offers and quotations recorded, excluding thereof, offers and quotations which cannot be regarded as repre­ sentative of the real market trend ; Having regard to the opinion of the Monetary Committee,

Whereas, under Article 5 of Regulation (EEC) No Whereas the necessary adjustments must be made in cases 2169/81 , aid must be granted for unginned cotton where the offers and quotations recorded do not satisfy harvested in the Community when the world market the requirements indicated above ; price for unginned cotton is below the guide price ;

Whereas, under Article 4 (4) of Regulation (EEC) No Whereas the aid is equal to the difference between these 2169/81 , if there are no suitable offers or quotations for two prices ; determining the world market price for cotton seed, that price shall be established on the basis of the most Whereas the guide price for the 1987/88 marketing year favourable offers and quotations for cotton seed recorded was fixed by Council Regulation (EEC) No 1966/87 (4) ; on the Community market or, if those offers and quota­ tions cannot be established on the basis of the value of the products obtained from processing the seed in the Whereas, under the system of maximum guaranteed Community, less the processing cost ; whereas this value quantities, the amount of the aid is subject to the reduc­ is determined in accordance with Article 4 of Regulation tion provided for in Commission Regulation (EEC) No (EEC) No 2183/81 ; 2619/87 (*) as regards cotton seed ;

Whereas the world market price for unginned cotton is Whereas, if the subsidy system is to operate normally, determined periodically on die basis of the world market subsidies should be calculated on the following basis : prices recorded for ginned cotton and cotton seed, taking into account the estimated yield of the Community harvest in cotton seed and in ginned cotton and also the — in the case of currencies which are maintained in rela­ net cost of ginning ; tion to each other at any given moment within a band of 2,25 %, a rate of exchange based on their central Whereas the world market price for ginned cotton and rate, multiplied by the corrective factor provided for in cotton seed is determined in accordance with Article 4 of the last paragraph of Article 3 (1 ) of Council Regula­ Regulation (EEC) No 2169/81 ; tion (EEC) No 1676/85 (*), as last amended by Regula­ tion (EEC) No 1636/87Q,

(■) OJ No L 377, 31 . 12. 1987, p. 48. 0 OJ No L 211 , 31 . 7. 1981 , p. 2. M OJ No L 211 , 31 . 7. 1981 , p. 35. (3) OJ No L 209, 31 . 7. 1987, p. 5. 0 OJ No L 52, 26. 2. 1988, p. 18. (<) OJ No L 184, 3. 7. 1987, p. 18. d) OJ No L 164, 24. 6. 1985, p. 1 . « OJ No L 248, 1 . 9. 1987, p. 18 . 0 OJ No L 153, 13. 6. 1987, p. 1 .

No L 54/26 Official Journal of the European Communities 1 . 3 . 88

HAS ADOPTED THIS REGULATION : — for other currencies, an exchange rate based on the arithmetic mean of the spot market rates of each of these currencies recorded over a given period in rela­ Article 1 . tion to the ' Community currencies referred to in the previous indent, and the aforesaid coefficient ; Whereas the aid must be fixed once a month, and in such The aid for unginned cotton provided for in Article 5 of a way that it can be applied from the first day of the Regulation (EEC) No 2169/81 shall be 65,956 ECU per month following the date of fixing ; whereas it may be 100 kilograms. altered between fixings ;

Whereas it follows from applying these provisions to the Article 2 offers and quotations known to the Commission that the aid for cotton should be as set out in this Regulation, This Regulation shall enter into force on 1 March 1988 .

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

Done at Brussels, 29 February 1988.

For the Commission Frans ANDRIESSEN Vice-President