I am aware that many current Irish ESF beneficiaries, disabled and otherwise, have been impacted negatively by IR£-ECU exchange rate movements over recent months. The degree of impact on particular beneficiaries would depend however on the IR£-ECU exchange rate obtaining on the date payments for their programmes or project were received from Brussels in comparison with the rate obtaining at the time the commitment of support was given.
Since all Irish ESF commitments are issued in ECU and the attention of beneficiaries is drawn to the fact that the IR£ value of particular payments made on foot of them will vary depending on the exchange rate at the time of those payments, the IR£-ECU rate mentioned in letters of commitment is quite expressly, an indicative rate only. While I understand the Deputy's concern and acknowledge that the experience of more than a few current ESF beneficiaries obtaining payments over recent months has yielded smaller IR£ sums than the indicative amounts mentioned in commitments letters may have lead beneficiaries to expect, I can assure him that the full ECU amount of all such commitments have been, and continue to be, met.
The State has over the years, issued ESF commitments in ECU as this is the currency in which the funds are received. The implications of doing otherwise would leave the Exchequer open to significant exchange risk exposure in the event of adverse movements in the IR£-ECU exchange rate relative to the date of commitment.