Thursday, 25 February 1993
Dáil Éireann Debate
52. Ms O'Donnell asked the Minister for Agriculture, Food and Forestry if he has reviewed the operations of the exchange risk guarantee scheme as it is applied to farmers; and if he will make a statement on the matter.
Minister for Agriculture, Food and Forestry (Mr. J. Walsh): A series of exchange risk guarantee schemes operated during the eighties. They operated to reduce interest costs on the agriculture sector in periods of income difficulties for the sector. The effectiveness of these schemes has been routinely looked at internally and the Comptroller and Auditor General has also commented on them.
As the Deputy is aware, the Government decided to introduce an exchange risk guarantee scheme in December of last year. The manufacturing, tourism and primary agriculture sectors were to be covered by the proposed scheme. The scheme was intended to counteract the negative trading impact caused by the high value of the pound vis-à-vis sterling. Following the decision to devalue the pound the proposed scheme was not implemented in any of the sectors.
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