31993R1702

1 . 7. 93 Official Journal of the European Communities No L 159 /59

COMMISSION REGULATION (EEC) No 1702/93 of 30 June 1993 fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, Whereas Article 15 (2) of Regulation (EEC) No 1068/93 provides that an agricultural conversion rate fixed in 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 closely into line with the rate in force, up to the level of a gap of four points with that rate ; whereas the rate which Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the replaces the agricultural conversion rate fixed in advance should be specified ; conversion rates to be applied for the purposes of the common agricultural policy ('), and in particular Article 3 (1 ) and Article 4(2) thereof, Whereas the measures provided for in this Regulation for the Irish punt are in accordance with the opinions of the relevant Management Committees,

Whereas the agricultural conversion rates were fixed by Commission Regulation (EEC) No 1 504/93 (2);

HAS ADOPTED THIS REGULATION : Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92 provides that the agricultural conversion rate for a floating currency shall be adjusted where the monetary gap with Article 1 the representative market rate for the last reference period of a month exceeds two points ; whereas, in that case, the new agricultural conversion rate is fixed so as to reduce The agricultural conversion rates are fixed in Annex I that monetary gap by half ; hereto .

Whereas the representative market rates are determined Article 2 on the basis of reference periods determined in accord­ ance with Commission Regulation (EEC) No 1068/93 of 30 April 1993, on detailed rules for determining and In the case referred to in Article 15 (2) of Regulation applying the agricultural conversion rates (3) ; (EEC) No 1068/93, the agricultural conversion rate fixed in advance shall be replaced by the ecu rate for the currency concerned, shown in Annex II : Whereas, as a consequence of the exchange rates recorded — Table A, where the latter rate is higher than the rate during the reference period 21 to 30 June 1993, it is fixed in advance, necessary to fix a new agricultural conversion rate for the Italian lira, the pound sterling, the Irish punt and the or Greek drachma : — Table B, where the latter rate is lower than the rate fixed in advance .

Whereas the agricultural conversion rate for the Irish punt was adjusted after the realignment of 30 January Article 3 1993 by Regulation (EEC) No 219/93 (4), leaving a mone­ tary gap of two points which, pursuant to Article 4 (2) of Regulation (EEC) No 3813/92, must be dismantled within Regulation (EEC) No 1504/93 is hereby repealed. 12 months of the realignment in question ; whereas the gap should be dismantled with effect from 1 July 1993 ;

Article 4 (') OJ No L 387, 31 . 12. 1992, p. 1 . (2) OJ No L 148 , 19 . 6. 1993, p. 30. (3) OJ No L 108 , 1 . 5. 1993, p. 106. 4) OJ No L 26, 3 . 2. 1993, p. 13 . This Regulation shall enter into force on 1 July 1993.

No L 159 /60 Official Journal of the European Communities 1 . 7. 93

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

Done at Brussels, 30 June 1993.

For the Commission Rene STEICHEN Member of the Commission

ANNEX I

Agricultural conversion rates

ECU 1 = 48,5563 Belgian and Luxembourg francs 8,97989 Danish kroner 2,35418 German marks 319,060 Greek drachmas 182,744 Spanish pesetas 7,89563 French francs 0,976426 Irish punt 2 166,58 Italian lire 2,65256 Dutch guilders 222,758 Portuguese escudos 0,948645 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 305,788 Greek drachmas 352,384 Greek drachmas 175,715 Spanish pesetas 190,358 Spanish pesetas 7,59195 French francs 8,22461 French francs 0,938871 Irish punt 1,01711 Irish punt 2 083,25 Italian lire 2 256,85 Italian lire 2,55054 Dutch guilders 2,76308 Dutch guilders 214,190 Portuguese escudos 232,040 Portuguese escudos 0,912159 Pound sterling 0,988172 Pound sterling