31994R1711

No L 180/28 Official Journal of the European Communities 14. 7. 94

COMMISSION REGULATION (EC) No 1711/94 of 13 July 1994 fixing the agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, Whereas, as a consequence of the exchange rates recorded during the reference period 11 to 13 July 1994, it is necessary on the one hand to fix the limits referred to in Having regard to the Treaty establishing the European paragraphs 1 and 3 of Article 4a of Regulation (EEC) Community, No 3813/92 at + 3,288 and — 1,712 and on the other hand to fix a new agricultural conversion rate for the pound sterling ; Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the conversion rates to be applied for the purposes of the Whereas Article 15 (3) of Regulation (EEC) No 1068/93 common agricultural policy ('), as last amended by Regu­ provides that an agricultural conversion rate fixed in lation (EC) No 3528/93 (2), and in particular Article 3 (1 ) advance shall be adjusted if the gap between that rate and thereof, the agricultural conversion rate in force at the time of the operative event applicable for the currency concerned exceeds four points ; whereas, in that event, the agricul­ Whereas the agricultural conversion rates were fixed by tural conversion rate fixed in advance is brought more Commission Regulation (EC) No 1585/94 (3) ; 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 replaces the agricultural conversion rate fixed in advance 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 between it and the representative market rate exceeds certain levels ; whereas, notwithstanding that Article 4, HAS ADOPTED THIS REGULATION : Article 4a of that Regulation applies until 31 December 1994 ; Article 1

Whereas, however, Article 2 of Regulation (EEC) The agricultural conversion rates are fixed in Annex I No 1068/93 provides that, in cases where the absolute hereto. value of the difference between the monetary gaps in two Member States, calculated from the average on the ecu rates for three consecutive working days, exceeds six Article 2 points :

In the case referred to in Article 15 (3) of Regulation — the representative market rates for the currencies in (EEC) No 1068/93, the agricultural conversion rate fixed question shall be adjusted on the basis of the three in advance shall be replaced by the ecu rate for the working days in question, currency concerned, shown in Annex II : and — Table A, where the latter rate is higher than the rate — the basic reference period concerned begins the day fixed in advance, following these three working days ; or — Table B, where the latter rate is lower than the rate fixed in advance . 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 Article 3 30 April 1993 on detailed rules for determining and applying the agricultural conversion rates (4), as amended by Regulation (EC) No 547/94 (*) ; Regulation (EC) No 1585/94 is hereby repealed.

(') OJ No L 387, 31 . 12. 1992, p. 1 . 2) OJ No L 320, 22. 12. 1993 , p. 32. Article 4 (3) OJ No L 167, 1 . 7. 1994, p. 3 . (4) OJ No L 108 , 1 . 5. 1993, p. 106. 0 OJ No L 69, 12. 3. 1994, p. 1 . This Regulation shall enter into force on 14 July 1994.

14. 7 . 94 Official Journal of the European Communities No L 180/29

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

Done at Brussels, 13 July 1994.

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 2,35418 German marks 346,789 Greek drachmas 192,319 Spanish pesetas 7,98191 French francs 0,976426 Irish punt 2 274,93 Italian lire 2,65256 Dutch guilders 239,331 Portuguese escudos 0,946550 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 333,451 Greek drachmas 361,239 Greek drachmas 184,922 Spanish pesetas 200,332 Spanish pesetas 7,67491 French francs 8,31449 French francs 0,938871 Irish punt 1,01711 Irish punt 2 187,43 Italian lire 2 369,72 Italian lire 2,55054 Dutch guilders 2,76308 Dutch guilders 230,126 Portuguese escudos 249,303 Portuguese escudos 0,910144 Pound sterling 0,985990 Pound sterling