Pensions paid under the scheme of early retirement from farming, along with certain other payments, were reduced by approximately 5.055% when the euro was introduced. As a result, the person named had his payment reduced by £506.31 over the period 1 January to 31 December 1999.
Formal approval to pay compensation for this reduction to participants in the scheme was received from the European Commission on 8 December 1999. The person's January 2000 cheque included euro related compensation of £506.31 which represented 100 per cent of the compensation due to him in respect of 1999. Two further tranches of compensation at reduced levels will be payable in respect of 2000 and 2001.