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"Report and Accounts 1998"



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Table 11 REALIGNMENT PERCENTAGES IN THE EUROPEAN MONETARY SYSTEM (EMS) 1)
With effect from D-marks
(DEM)		 French
francs
(FRF)		 Dutch
guilders
(NLG)		 Belgian
francs
(BEF)		 Italian
lire
(ITL)		 Irish
pounds
(IEP)		 Spanish
pesetas
(ESP)		 Pounds
sterling
(GBP)		 Portuguese
escudos
(PTE)		 Austrian
schillings
(ATS)		 Finnish
markka
(FIM)		 Greek
drachmas
(GRD)		 Danish
kroner
(DKK)		 With effect from
1979 Sept. 24 + 5.0 + 3.0 + 3.0 + 3.0 + 3.0 + 3.0 • • • • • • - 1979 Sept. 24
Nov. 30 + 5.0 + 5.0 + 5.0 + 5.0 + 5.0 + 5.0 • • • • • • - Nov. 30
1981 March 23 - - - - - 6.0 - • • • • • • - 1981 March 23
Oct. 5 + 5.5 - 3.0 + 5.5 - - 3.0 - • • • • • • - Oct. 5
1982 Feb. 22 - - - - 8.5 - - • • • • • • - 3.0 1982 Feb. 22
June 14 + 4.25 - 5.75 + 4.25 - - 2.75 - • • • • • • - June 14
1983 March 212) + 5.5 - 2.5 + 3.5 + 1.5 - 2.5 - 3.5 • • • • • • + 2.5 1983 March 212)
1985 July 22 + 2.0 + 2.0 + 2.0 + 2.0 - 6.0 + 2.0 • • • • • • + 2.0 1985 July 22
1986 April 7 + 3.0 - 3.0 + 3.0 + 1.0 - - • • • • • • + 1.0 1986 April 7
Aug. 4 - - - - - - 8.0 • • • • • • - Aug. 4
1987 Jan. 12 + 3.0 - + 3.0 + 2.0 - - • • • • • • - 1987 Jan. 12
1990 Jan. 8 - - - - 3) - - • • • • • - 1990 Jan. 8
1992 Sept. 14 + 3.5 + 3.5 + 3.5 + 3.5 - 3.5 + 3.5 + 3.5 + 3.5 + 3.5 • • • + 3.5 1992 Sept. 14
Sept. 17 - - - - • - - 5.0 • - • • • - Sept. 17
Nov. 23 - - - - • - - 6.0 • - 6.0 • • • - Nov. 23
1993 Feb. 1 - - - - • - 10.0 - • - • • • - 1993 Feb. 1
May 14 - - - - • - - 8.0 • - 6.5 • • • - May 14
1995 March 6 - - - - • - - 7.0 • - 3.5 - • • - 1995 March 6
1998 March 16 - - - - - + 3.0 - • - - - - - 1998 March 16
Note.:The European Monetary System (EMS) was established on 13 March 1979 and was abolished on 1 January 1999 on the adoption of the euro by 11 EU member states.
1) Corresponding to the official wording of the press communiqués issued.
2) As the sterling rate rose strongly after the realignment on 21 March 1983, it was decided in May 1983 to carry out a formal EMS realignment designed to place sterling in the ECU at the market rate of 13 May 1983 at the same time as the agricultural price agreement. Bilateral parities and intervention rates remained unchanged.
3) On 8 January 1990 the fluctuation band for the Italian lira, was reduced from +/-6 per cent to +/-2¼ per cent around the bilatral central rates. In connection with the narrowing of the fluctuation band the intervention rates for the lira vis-à-vis the other ERM currencies were adjusted. The adjustment was made so that the lower limit for the lira vis-à-vis the other currencies remained unchanged whereas the upper limit was adjusted.

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Version 1.0 Maj 1999 Nationalbanken.
Published by Danmarks Nationalbank Maj 1999, http://www.nationalbanken.dk