Written Answers - Farm Retirement Scheme. Tuesday, 15 May 2001

Dáil Eireann Debate Vol. 536 No. 2 Page of 355

  227.  Mr. Ring      asked the Minister for Agriculture, Food and Rural Development      the plans he has to supplement the euro compensation of 75% paid to transferors in the old farm early retirement scheme to the full 100%, and if he will make a statement on the matter. [13734/01]

Minister for Agriculture, Food and Rural Development (Mr. Walsh):    The rate payable under the 1994 scheme is the maximum permitted under the governing regulation, EU Council Regulation, EEC, No. 2079-92.

Compensation for reductions arising from the revaluation of the Irish pound on the introduction [394] of the euro in January 1999 was set at 75% for the year 2000, and this was paid to scheme participants at the end of March 2001. It was in accordance with arrangements to apply to CAP payments following the introduction of the euro, which were determined by the Council of Ministers in December 1998. The Council decision was taken in accordance with the principle that in cases of currency revaluation, provision should be made for temporary, degressive aid to offset the effects. The same compensation arrangements applied to a number of other schemes, including REPS and the premia schemes. I have no plans to supplement the compensation payment.

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