Vol. 478 No. 7
216 Mr. J. Walsh asked the Minister for Agriculture, Food and Forestry the losses to the entire livestock sector in a full year resulting from the three green pound revaluations; the share of those losses which will be covered by his recent announcement on Exchequer funding for winter beef producers; and if he will make a statement on the matter. [11975/97]
The actual losses in any sector resulting directly from revaluations of the Irish green pound are difficult to establish precisely. The annual losses in the beef sector, as estimated by the European Commission, arising from the revaluations which occurred on 8 November, 1996, 11 January, 1997 and 29 March, 1997 amount to about £65 million. Compensation in respect of 50 per cent of these losses will be provided by the EU in 1997. Compensation for other livestock sectors has not been proposed by the Commission as they estimate the losses involved not to be significant because of the system of EU market supports applying to them.
National funding of £17 million has been provided by the Government for the beef sector because of the particular difficulties in that sector and represents over 50 per cent of the maximum contribution which could be provided nationally.
