§ Mr. Teddy Taylorasked the Minister of Agriculture, Fisheries and Food what are the current levels of monetary coefficients applied in respect of sales of beef under regulation 2670/86 and sales of butter under regulation 765/86, expressed in terms of pence per pound.
§ Mr. Gummer[pursuant to his reply, 2 December 1986]: The monetary coefficients applied to export refunds on sales from the United Kingdom to European third countries of frozen beef forequarters under regulation 2670/86, and of butter of a fat content of 82 per cent. under regulation 765/86, currently increase these refunds by 4.62p per pound and 12.61p per pound, respectively.
§ Mr. Teddy Taylorasked the Minister of Agriculture, Fisheries and Food what is the purpose of applying monetary coefficients to sales of food from European Economic Community stockpiles; and if he will make a statement explaining the manner in which these coefficients are calculated and applied.
§ Mr. Gummer[pursuant to his reply, 2 December 1986]: Monetary coefficients are applied to export refunds, which are set in ecus, in order to ensure that the refunds are of 669W approximately equal value in the national currencies of all member states. The monetary coefficient is calculated using the following formula:
monetary coefficient=100-MCA%/100