Vol. 478 No. 3
126 Mr. J. Walsh asked the Minister for Agriculture, Food and Forestry whether the full Exchequer contribution provided for under EU regulations will be paid to livestock, dairy, grain and sugar beet farmers in respect of the losses arising from the revaluation of the Irish green pound; and if so, when these payments will be made. [11020/97]
At the Council of Ministers meeting on 17-19 March I secured agreement to the payment in 1997 of EU funded compensatory aid to producers in the milk, beef, cereals and sugar sectors.The compensation will amount to £46.1 million in 1997, £30.7 million in 1998 and £15.4 million in 1999. This compensation is for income losses suffered by producers as a result of price support reductions following the green rate revaluations of 8 November, 1996 and 11 January this year. I am planning for the payment of this compensation to producers in May.
On 29 March 1997 there was a further revaluation of 2.765 per cent in the Irish green rate. The Agrimonetary Management Committee meeting in Brussels on 23 April agreed additional EU compensation aid in respect of the March revaluation, amounting to £25.4 million in 1997, £16.9 million in 1998 and £8.5 million in 1999.
I would point out that the green rate applicable to the CAP reform premiums, including payments under the accompanying measures, was not affected by any of these green rate revaluations.
As regards funding from the national Exchequer, £17 million will be paid to the beef sector because of the particularly adverse market conditions being experienced by that sector. The scheme of payments requires Commission approval but my aim is to have payments made as quickly as possible. The position in relation to national funding for other sectors is under review.
