Dáil Éireann Debate, Thursday - 8 February 2007
215 Mr. Naughten asked the Minister for Social and Family Affairs the exchange rates used by his Department in calculating the value of foreign payments to applicants for means tested social welfare payments; the procedures employed in calculating these rates; his plans to review this procedure; and if he will make a statement on the matter. [4583/07]
View answerIn assessing means deriving from payments received from non-EMU European states, my Department uses the conversion mechanism provided for under Article 107 of Council Regulation (EEC) No. 574/72 on Social Security for Migrant Workers. The exchange rates for converting Sterling and other non-EMU currencies are published quarterly in the Official Journal of the European Union.
Under this mechanism the conversion rate used for means testing purposes is derived from the average of the daily exchange rates in the first month of a quarter. This rate is then used in all conversions during the course of the succeeding quarter. Alternatively the conversion rate applicable to the next succeeding quarter is used if it is more beneficial to the customer. I have no plans to review this procedure.
