Vol. 533 No. 6
175 Mr. Finucane asked the Minister for Agriculture, Food and Rural Development if he has paid up to date compensation to farmers who have been in receipt of the farm retirement pension; and if he will make an appropriate allowance for Euro conversion. [9934/01]
The rate of pension paid under the 1994 scheme of early retirement from farming was expressed in ECUs. The revaluation of the Irish pound on the introduction of the euro in January 1999 resulted in a reduction of some 5.05% in the rate of pension. While the reduction in the rate is permanent, the Council of Ministers approved a three-year scheme of compensation. Full compensation was paid in 2000 for reductions in payments during 1999. Compensation for reductions during 2000 was set at 75% and was paid to scheme participants at the end of March. Arrangements for the third and final compensation payment have yet to be determined.
