31993R1966

No L 177/24 21 . 7 . 93 Official Journal of the European Communities

COMMISSION REGULATION (EEC) No 1966/93 of 20 July 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 HAS ADOPTED THIS REGULATION : Commission Regulation (EEC) No 1702/93 (2);

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

Whereas, as a consequence of the exchange rates recorded Article 3 during the reference period 11 to 20 July 1993, it is necessary to fix a new agricultural conversion rate for the Regulation (EEC) No 1702/93 is repealed. pound sterling and the Portuguese escudo ; Article 4 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 July 1993.

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

Done at Brussels, 20 July 1993.

For the Commission Rene STEICHEN Member of the Commission

(') OJ No L 387, 31 . 12. 1992, p. 1 . (2) OJ No L 159, 1 . 7. 1993, p. 59. (3) OJ No L 108, 1 . 5. 1993, p. 106.

21 . 7 . 93 Official Journal of the European Communities No L 177/25

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 223,071 Portuguese escudos 0,937041 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 306,788 Greek drachmas 332,354 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 214,491 Portuguese escudos 232,366 Portuguese escudos 0,901001 Pound sterling 0,976084 Pound sterling