Regulation (EC) No 2419/2001 is repealed. However, it shall continue to apply in respect of aid applications relating to marketing years or premium periods which start before 1 January 2005.

In cases where reductions to be applied by way of off-setting in accordance with the second subparagraph of Article 32(2), the second subparagraph of Article 33, Article 34(2), the last sentence of Article 35(3), the third subparagraph of Article 38(2), the second subparagraph of Article 38(4) and Article 40(1) and (6) of Regulation (EC) No 2419/2001 could not yet fully be off-set before the date of application of this Regulation, the outstanding balance shall be off-set against payments under any of the aid schemes falling under this Regulation, provided the time limits for the off-setting stipulated in those provisions have not yet expired.

References to Regulation (EC) No 2419/2001 shall be construed as references to this Regulation and shall be read in accordance with the correlation table in Annex III.