31993R2332

21 . 8 . 93 No L 210 / 13 Official Journal of the European Communities

COMMISSION REGULATION (EEC) No 2332/93 of 20 August 1993 fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, Whereas Article 15 (3) of Regulation (EEC) No 1068 /93 provides that an agricultural conversion rate fixed in Having regard to the Treaty establishing the European advance shall be adjusted if the gap between that rate and Economic Community, the agricultural conversion rate in force at the time of the operative event applicable for the currency concerned Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the exceeds four points ; whereas, in that event, the agricul­ tural conversion rate fixed in advance is brought more conversion rates to be applied for the purposes of the closely into line with the rate in force, up to the level of a common agricultural policy ('), and in particular Article 3 gap of four points with that rate ; whereas the rate which ( 1 ) thereof, replaces the agricultural conversion rate fixed in advance Whereas the agricultural conversion rates were fixed by should be specified, Commission Regulation (EEC) No 2289/93 (2) ;

HAS ADOPTED THIS REGULATION : Whereas Article 4 (3) of Regulation (EEC) No 3813/92 stipulates that if, over a reference period, the absolute value of the difference in the gaps between the currencies Article 1 of any two Member States exceeds four points, any mone­ tary gaps for the Member States concerned that exceed The agricultural conversion rates are fixed in Annex I 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 differ­ In the case referred to in Article 15 (3) of Regulation ence between that rate and the representative market rate ; (EEC) No 1068/93, the agricultural conversion rate fixed Whereas the representative market rates are determined in advance shall be replaced by the ecu rate for the on the basis of reference periods determined in accord­ currency concerned, shown in Annex II : 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) ; or Whereas, in view of the decision by the Ministers of — Table B, where the latter rate is lower than the rate Finance on 2 August 1993, all the Member States' curren­ fixed in advance . cies are to be regarded floating flooting currencies in accordance with Article 1 (b) of Regulation (EEC) Article 3 No 3813/92 ; Regulation (EEC) No 2289/93 is repealed. Whereas, as a consequence of the exchange rates recorded during the reference period 11 to 20 August 1 993, it is Article 4 necessary to fix a new agricultural conversion rate for the French franc ; This Regulation shall enter into force on 21 August 1993.

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

Done at Brussels, 20 August 1993.

For the Commission Rene STEICHEN Member of the Commission

(') OJ No L 387, 31 . 12. 1992, p. 1 . O OJ No L 205, 17. 8 . 1993 , p. 19 . (') OJ No L 108, 1 . 5. 1993, p. 106.

No L 210 / 14 Official Journal of the European Communities 21 . 8 . 93

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 7,98191 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 7,67491 French francs 8,31449 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