PART I PRELIMINARY

4 Sterling equivalents of Euro
1 Any reference in these Regulations to a specified number of Euro shall be deemed to be a reference to the Sterling equivalent of that number calculated in accordance with paragraph (2).
2 The Sterling equivalent of a specified number of Euro shall be calculated by multiplying that number by the Euro/Sterling conversion rate specified in paragraph (3).
3 The Euro/Sterling conversion rate is–
(a) for 2006, 1 Euro = £0.68290; and
(b) in each subsequent year, the rate published in the C Series of the Official Journal of the European Communities on the first working day of the September of the preceding year or, if no rate is published in it on that day, the first rate published in it thereafter.