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 introduc­ tion 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 mone­ agriculture ('), 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 Manage­ for 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 Portu­ guese 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 .