Michael McDowell
Question:65 Mr. M. McDowell asked the Minister for Agriculture, Food and Forestry the steps, if any, he is taking to minimise the effect of farm import costs arising from the recent devaluation of the punt.
Written Answers. - Farm Import Costs.
As the Deputy is aware, I am precluded from introducing measures to subsidise the costs of imported farm inputs under Article 93 of the EC Treaty.
However, the agricultural sector was a major beneficiary of the "green pound" devaluation and any increased costs on imports of farm inputs would be very substantially less than the farm income benefits which accrued. The reduction of interest rates associated with devaluation also represents, of course, a considerable benefit to the farm sector.