31993R3634

No L 329/30 Official Journal of the European Communities 30 . 12. 93

COMMISSION REGULATION (EC) No 3634/93 of 29 December 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 27 to 29 December 1993, it is necessary to fix a new agricultural conversion rate for the Having regard to the Treaty establishing the European Italian lira ; Community,

Whereas Article 15 (3) of Regulation (EEC) No 1068/93 Having regard to Council Regulation (EEC) No 3813/92 provides that an agricultural conversion rate fixed in of 28 December 1992 on the unit of account and the 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 ('), as last amended by Regu­ operative event applicable for the currency concerned lation (EC) No 3528/93 (2), and in particular Article 3 ( 1 ) exceeds four points ; whereas, in that event, the agricul­ thereof, 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 Whereas the agricultural conversion rates were fixed by replaces the agricultural conversion rate fixed in advance Commission Regulation (EEC) No 2249/93 (3) ; should be specified,

Whereas Article 4 of Regulation (EEC) No 3813/92 provides that the agricultural conversion rate for a floating currency is to be adjusted where the monetary gap HAS ADOPTED THIS REGULATION : between it and the representative market rate exceeds certain levels ; whereas, notwithstanding that Article 4, Article 4a of that Regulation applies until 31 December 1994 ; Article 1

Whereas the representative market rates are determined The agricultural conversion rates are fixed in Annex I on the basis of reference periods established in accord­ hereto . ance with Commission Regulation (EEC) No 1068/93 of 30 April 1993 on detailed rules for determining and applying the agricultural conversion rates (4) ; Article 2

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 :

Whereas, however, Article 2 of Regulation (EEC) — Table A, where the latter rate is higher than the rate No 1068/93 provides that, in cases where the absolute fixed in advance, value of the difference between the monetary gaps in two or 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 2811 /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 . (2) OJ No L 320, 22. 12. 1993, p. 32. (J) OJ No L 256, 14. 10. 1993, p. 16. This Regulation shall enter into force on 30 December (4) OJ No L 108, 1 . 5. 1993, p. 106. 1993 .

30 . 12. 93 No L 329 /31 Official Journal of the European Communities

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

Done at Brussels, 29 December 1993.

For the Commission Rene STEICHEN Member of the Commission

ANNEX I

Agricultural conversion rates

ECU 1 = 49,3070 Belgian and Luxembourg francs 9,34812 Danish kroner 2,3541 8 German marks 328,567 Greek drachmas 190,382 Spanish pesetas 7,98191 French francs 0,976426 Irish punt 2 264,19 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 = 47,4106 Belgian and ECU 1 = 51,3615 Belgian and Luxembourg francs Luxembourg francs 8,98858 Danish kroner 9,73763 Danish kroner 2,26363 German marks 2,45227 German marks 315,930 Greek drachmas 342,257 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 2 177,11 Italian lire 2358,53 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