31993R2422

No L 222/40 Official Journal of the European Communities 1 . 9 . 93

COMMISSION REGULATION (EEC) No 2422/93 of 31 August 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 should be specified, Article 3 ( 1 ),

Whereas the agricultural conversion rates were fixed by HAS ADOPTED THIS REGULATION : Commission Regulation (EEC) No 2332/93 (2) ;

Article 1 Whereas Article 4 (1 ) of Regulation (EEC) No 3813/92 provides that the agricultural conversion rate for a floating The agricultural conversion rates are fixed in Annex I currency shall be adjusted where the monetary gap with hereto . the representative market rate for the last reference period of a month exceeds two points ; whereas, in that case, the Article 2 new agricultural conversion rate is fixed so as to reduce that monetary gap by half ; In the casfe referred to in Article 15 (3) of Regulation (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 ance with Commission Regulation (EEC) No 1068/93 of currency concerned, shown in Annex II : 30 April 1993, on detailed rules for determining and — Table A, where the latter rate is higher than the rate applying the agricultural conversion rates (3) ; fixed in advance,

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 as floating currencies in accor­ dance with Article 1 (b) of Regulation (EEC) No 3813/93 ; Article 3 Whereas, as a consequence of the exchange rates recorded during the reference period 21 to 31 August 1993, it is Regulation (EEC) No 2332/93 is hereby repealed. necessary to fix a new agricultural conversion rate for the Greek drachma ; Article 4

Whereas Article 15 (3) of Regulation (EEC) No 1068/93 This Regulation shall enter into force on 1 September provides that an agricultural conversion rate fixed in 1993 .

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

Done at Brussels, 31 August 1993.

For the Commission Rene STEICHEN Member of the Commission

(') OJ No L 387, 31 . 12. 1992, p . 1 . 0 OJ No L 210 , 21 . 8 . 1993, p. 13. J) OJ No L 108 , 1 . 5. 1993, p. 106.

1 . 9 . 93 Official Journal of the European Communities No L 222/41

ANNEX I

Agricultural conversion rates

ECU 1 = 48,5563 Belgian and Luxembourg francs 9,348 1 2 Danish kroner 2,3541 8 German marks 322,728 Greek drachmas 1 90,382 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 310,315 Greek drachmas 336,175 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