(1)

Whereas Article 3(1) of Regulation (EC) No 2800/98 provides that compensatory aid is to be paid where the conversion rate for the euro into national currency units or the exchange rate applicable on the date of the operative event is below the rate previously applicable; whereas, however, that provision does not apply to amounts to which a rate lower than the new rate applied in the 24 months preceding the new rate's entry into force;

(2)

Whereas the conversion rate for the euro into national currency units applicable from 1 January 1999 is below the rate previously applicable for Belgium, France, Ireland, Italy, Luxembourg, Spain and Finland; whereas the exchange rates for the Danish krone, the Swedish krona and the pound sterling applicable on 1 September 1999, the date of the operative event, are below the rates previously applicable;

(3)

Whereas the compensatory aid is to be granted on the terms set out in Regulation (EC) No 2799/98, Commission Regulation (EC) No 2808/98 of 22 December 1998 laying down detailed rules for the application of the agrimonetary system for the euro in agriculture ( 3 ), as last amended by Regulation (EC) No 1410/1999 ( 4 ), and Commission Regulation (EC) No 2813/98 of 22 December 1998 laying down detailed rules for applying the transitional measures for the introduction of the euro to the common agricultural policy ( 5 );

(4)

Whereas the amounts of compensatory aid are established in accordance with Articles 5 and 9 of Regulation (EC) No 2799/98, Article 10 of Regulation (EC) No 2808/98 and Article 4 of Regulation (EC) No 2813/98;

(5)

Whereas the measures provided for in this Regulation are in accordance with the opinions of the Management Committees concerned,