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Twenty-seventh financial report concerning the European Agricultural Guidance and Guarantee Fund. Guarantee Section - 1997 financial year. COM (98) 552 final, 5 October 1998

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  • Agricultural Science


COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 05.10.1998 COM(l998) 552 final TWENT·Y -SEVENTH FINANCIAL REPORT conccrnmg THE EUROPEAN AGRICULTURAL GUIDANCE AND GUARANTEE FUND EAGGF GUARANTEE SECTION - 1997 FINANCIAL YEAR- (presented by the Commission) INTRODUCTORY NOTE (1) Article 10 of Council Regulation (EEC) No 729/70 on the financing of the common agricultural policy requires the Commission to present to the Council and Parliament each year "a financial report on the administration of the (European Agricultural Guidance and Guarantee) Fund during the preceding financial year and, in particular, on the state of its resources and the nature of its expenditure and the conditions for achieving Community financing". This Report covers the operations of the EAGGF Guarantee Section during the 1997 financial year. The main task of the Guarantee Section is to finance expenditure arising under the common policy on agricultural markets and prices. Articles 2 and 3 of Regulation (EEC) No 729/70 provide that expenditure consists of refunds on exports to non-member countries, granted under the common organisation of the agricultural markets, and intervention intended to stablise agricultural markets. (2) Up to and including 1986, the financial year was always the same as the calendar year. The 1987 amendments to the Community rules resulted in certain adjustments to the dates tor the closing of the accounts for financial years, with the result that the period covered by EAGGF Guarantee Section expenditure no longer coincided with the calendar year. Nowadays the EAGGF financial year covers expenditure from 16 October to 15 October of the following year. * * * N.B.: This Report was adopted on -2- 2 Table 1 AVERAGE CONVERSION RATES USED FOR 1997 (cf. Annex 16) EUROPEAN COMMUNITY I ECU= (bud~ct) 1 B 40,3587 BEF2 OK 7,43936 DKK D 1,94820 OEM EL 306,832 GRD E 164,273 ESP F 6,57993 FRF IRL 0,747561 I

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