31993R2289

17. 8 . 93 Official Journal of the European Communities No L 205/ 19

COMMISSION REGULATION (EEC) No 2289/93 of 16 August 1993 fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, whereas, as a consequence of the exchange rates recorded during the reference period 12 to 16 August 1993, it is necessary to fix a new agricultural conversion rate for the Having regard to the Treaty establishing the European Danish crown ; Economic Community,

Whereas Article 15 (3) of Regulation (EEC) No 1068/93 Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the provides that an agricultural conversion rate fixed in advance shall be adjusted if the gap between that rate and conversion rates to be applied for the purposes of the the agricultural conversion rate in force at the time of the common agricultural policy ('), and in particular Article 3 operative event applicable for the currency concerned (1 ) thereof, exceeds four points ; whereas, in that event, the agricul­ tural conversion rate fixed in advance is brought more Whereas the agricultural conversion rates were fixed by closely into line with the rate in force, up to the level of a Commission Regulation (EEC) No 2249/93 (2) ; gap of four points with that rate ; whereas the rate which replaces the agricultural conversion rate fixed in advance Whereas Article 4 (3) of Regulation (EEC) No 3813/92 should be specified, stipulates that if, over a reference period, the absolute value of the difference in the gaps between the currencies of any two Member States exceeds four points, any mone­ tary gaps for the Member States concerned that exceed two points shall immediately be reduced to two points ; HAS ADOPTED THIS REGULATION : whereas, in Article 1 (f) of Regulation (EEC) No 3813/92, the term 'monetary gap' is defined as the percentage of the agricultural conversion rate representing the Article 1 difference between that rate and the representative market rate ; The agricultural conversion rates are fixed in Annex I hereto. Whereas the representative market rates are determined on the basis of reference periods established in accord­ ance with Commission Regulation (EEC) No 1068/93 of 30 April 1993 on detailed rules for determining and Article 2 applying the agricultural conversion rates (3) ;

Whereas, in view of the decision by the Ministers of In the case referred to in Article 15 (3) of Regulation Finance on 2 August 1993, all the Member States' curren­ (EEC) No 1068/93, the agricultural conversion rate fixed cies are to be regarded floating currencies in accordance in advance shall be replaced by the ecu rate for the with Article 1 (b) of Regulation (EEC) No 3813/92 ; currency concerned, shown in Annex II : / — Table A, where the latter rate is higher than the rate Whereas, however, Article 2 of Regulation (EEC) fixed in advance, No 1068/93 provides that, in cases where the absolute or value of the difference between the monetary gaps in two Member States, calculated from the average on the ecu — Table B, where the latter rate is lower than the rate rates for three consecutive working days, exceeds six fixed in advance. points :

— the representative market rates for the currencies in question shall be adjusted on the basis of the three Article 3 working days in question, and Regulation (EEC) No 2249/93 is hereby repealed. — the basic reference period concerned begins the day following these three working days ; Article 4 (') OJ No L 387, 31 . 12. 1992, p. 1 . O OJ No L 201 , 11 . 8 . 1993, p. 12. 0 OJ No L 108, 1 . 5. 1993, p. 106. This Regulation shall enter into force on 17 August 1993.

17. 8 . 93 No L 205/20 Official Journal of the European Communities

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

Done at Brussels, 16 August 1993.

For the Commission Rene STEICHEN Member of the Commission

ANNEX I

Agricultural conversion rates

ECU 1 = 48,5563 Belgian and Luxembourg francs 9,34812 Danish kroner 2,35418 German marks 319,060 Greek drachmas 190,382 Spanish pesetas 7,95622 French francs 0,976426 Irish punt 2 166,58 Italian lire 2,65256 Dutch guilders 236,933 Portuguese escudos 0,920969 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 8,98858 Danish kroner 9,73763 Danish kroner 2,26363 German marks 2,45227 German marks 306,788 Greek drachmas 332,354 Greek drachmas 183,060 Spanish pesetas 198,315 Spanish pesetas 7,65021 French francs 8,28773 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 227,820 Portuguese escudos 246,805 Portuguese escudos 0,885547 Pound sterling 0,959343 Pound sterling