31993R1239

20 . 5. 93 Official Journal of the European Communities No L 124/45

COMMISSION REGULATION (EEC) No 1239/93 of 19 May 1993 fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, advance shall be adjusted if the gap between that rate and the agricultural conversion rate in force at the time of the Having regard to the Treaty establishing the European operative event applicable for the currency concerned Economic Community, exceeds four points ; whereas, in that event, the agricul­ tural conversion rate fixed in advance is brought more Having regard to Council Regulation (EEC) No 3813/92 closely into line with the rate in force, up to the level of a of 28 December 1992 on the unit of account and the gap of four points with that rate ; whereas the rate which conversion rates to be applied for the purposes of the replaces the agricultural conversion rate fixed in advance common agricultural policy ('), and in particular Article 3 should be specified, (1 ) thereof,

Whereas the agricultural conversion rates were fixed by Commission Regulation (EEC) No 1209/93 (2); HAS ADOPTED THIS REGULATION :

Whereas Article 4 (3) of Regulation (EEC) No 3813/92 stipulates that if, over a reference period, the absolute Article 1 value of the difference in the gaps between the currencies of any two Member States exceeds four points, any mone­ The agricultural conversion rates are fixed in Annex I tary gaps for the Member States concerned that exceed hereto. two points shall immediately be reduced to two points ; whereas, in Article 1 (f) of Regulation (EEC) No 3813/92, the term 'monetary gap' is defined as the percentage of Article 2 the agricultural conversion rate representing the diffe­ rence between that rate and the representative market In the case referred to in Article 15 (2) of Regulation rate ; (EEC) No 1068/93, the agricultural conversion rate fixed in advance shall be replaced by the ecu rate for the Whereas the representative market rates are determined currency concerned, shown in Annex II : on the basis of reference periods determined in accord­ ance with Commission Regulation (EEC) No 1068/93 of — Table A, where the latter rate is higher than the rate 30 April 1993 on detailed rules for determining and fixed in advance, applying the agricultural conversion rates (3) ;

— Table B, where the latter rate is lower than the rate Whereas, as a consequence of the exchange rates recorded fixed in advance. during the reference period 18 to 20 May 1993, it is necessary to fix a new agricultural conversion rate for the Italian lira and the Spanish peseta ; Article 3 Whereas Article 15 (2) of Regulation (EEC) No 1068/93 provides that an agricultural conversion rate fixed in This Regulation shall enter into force on 21 May 1993.

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

Done at Brussels, 19 May 1993.

For the Commission Rene STEICHEN Member of the Commission

(') OJ No L 387, 31 . 12. 1992, p. 1 . 0 OJ No L 122, 18. 5. 1993, p. 41 . O OJ No L 108, 1 . 5. 1993, p. 106.

No L 124/46 Official Journal of the European Communities 20 . 5. 93

ANNEX I

Agricultural conversion rates

ECU 1 - 48,5563 Belgian and Luxembourg francs 8,97989 Danish kroner 2,35418 German marks 314,412 Greek drachmas 176,451 Spanish pesetas 7,89563 French francs 0,957268 Irish punt 2 194,16 Italian lire 2,65256 Dutch guilders 222,758 Portuguese escudos 0,964017 Pound sterling

ANNEX II

Agricultural conversion rates fixed in advance and adjusted

Table A Table B

ECU 1 = 46,6888 Belgian and ECU 1 = 50,5795 Belgian and Luxembourg francs Luxembourg francs 8,63451 Danish kroner 9,35405 Danish kroner 2,26363 German marks 2,45227 German marks 302,319 Greek drachmas 327,513 Greek drachmas 169,664 Spanish pesetas 183,803 Spanish pesetas 7,59195 French francs 8,22461 French francs 0,920450 Irish punt 0,997154 Irish punt 2 109,77 Italian lire 2 285,58 Italian lire 2,55054 Dutch guilders 2,76308 Dutch guilders 214,190 Portuguese escudos 232,040 Portuguese escudos 0,926939 Pound sterling 1,00418 Pound sterling