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Gold/Mining/Energy : Euro Impact on Gold, USD ...
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To: banco$ who wrote (131)12/17/1998 10:49:00 PM
From: banco$   of 289
 
Detailed timetable for the adoption of the conversion rates between the euro and the national currencies on 31 December 1998:

In accordance with Article 109 l (4) of the Treaty, the irrevocable conversion rates for the euro will be adopted by the Council, acting with the unanimity of the Member States without a derogation, effective as of 1 January 1999, on a proposal from the Commission and after consultation of the European Central Bank.

The key deadlines are as follows:
1. Proposal: 12.30
At the end of the regular central bank concertation procedure (11.30 (CET)), the Commission will calculate the final official ECU exchange rates for the participating currencies in line with the established procedure. The Commission will propose these rates for adoption by the Council as the irrevocable conversion rates for the euro at 12.30 in a televised Council session. At the same time, the Commission will make these proposed rates public via Internet and financial information providers.

2. Adoption: 13.30
The Council will adopt the regulation and will inform the public of its adoption at around 13.30. In addition, the Commission will make
the adoption public by the same means as when it published the
proposed rates.

3. Publication: 15.00
The regulation will be published in the Official Journal of the European Communities, which will be available in the official languages at the Office for Official Publications in Luxembourg at 15.00.

4. Entry into force
The regulation will be applicable as from 1 January 1999, 00.00 a.m. local time (participating Member States).

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