31991R1040

26. 4. 91 Official Journal of the European Communities No L 106/31

COMMISSION REGULATION (EEC) No 1040/91

of 25 April 1991

on monetary compensatory amounts applicable depending on the trend in the escudo

THE COMMISSION OF THE EUROPEAN COMMUNITIES, Regulation (EEC) No 1677/85, to the frequent introduction and suppression of monetary compensatory amounts Having regard to the Treaty establishing the European applicable to Portugal ; Economic Community, Whereas, in view of this irregular trend in the escudo in Having regard to Council Regulation (EEC) No 1677/85 recent weeks, confirmation of the trend in that currency of 11 June 1985 on monetary compensatory amounts in should be awaited before it is decided to introduce moneagriculture ('), as last amended by Regulation (EEC) No tary compensatory amounts in order to avoid an erratic 2205/90 (2), and in particular Article 5 (2) thereof, application of the system ; Having regard to Commission Regulation (EEC) No Whereas the measures provided for in this Regulation are 3578/88 of 17 November 1988 laying down detailed rules in accordance with the opinion of the relevant Managefor the application of the system for the automatic ment Committees, dismantlement of negative monetary compensatory amounts (3), as last amended by Regulation (EEC) No 287/91 (4), and in particular Article 7 thereof, HAS ADOPTED THIS REGULATION :

Whereas the monetary compensatory amounts introduced by Regulation (EEC) No 1677/85 were fixed by Commis­ Article 1 sion Regulation (EEC) No 1207/90 (*), as last amended by Regulation (EEC) No 950/91 («); The monetary compensatory amount applying to Portugal shall remain equal to 0 until the first time when the real Whereas Commission Regulation (EEC) No 3153/85 (7), monetary gap for the escudo in absolute value exceeds 2,0 as last amended by Regulation (EEC) No 3672/89 f), lays points during two consecutive reference periods finishing down detailed rules for calculating monetary compensa­ after the date of entry into force of this Regulation. tory amounts ; whereas the spot market rates recently recorded during the reference periods referred to in Article 2 Article 2 of Regulation (EEC) No 3153/85 for the Portuguese escudo might lead, pursuant to Article 5 (3) of This Regulation shall enter into force on 29 April 1991 .

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

Done at Brussels, 25 April 1991 .

For the Commissiqn

Ray MAC SHARRY

Member of the Commission

(') OJ No L 164, 24. 6. 1985, p. 6. (2) OJ No L 201 , 31 . 7. 1990, p. 9. (') OJ No L 312, 18 . 11 . 1988, p. 16. (4) OJ No L 35, 7. 2. 1991 , p. 10 . 0 OJ No L 122, 14. 5. 1990, p. 1 . (6) OJ No L 101 , 22. 4. 1991 , p. 1 . 0 OJ No L 310, 21 . 11 . 1985, p. 4. (8) OJ No L 358 , 8 . 12. 1989, p. 28 .