Dáil Éireann Debate, Tuesday - 23 April 2013
336. Deputy Thomas Pringle asked the Minister for Social Protection the way the Sterling exchange rate is arrived at for applicants in receipt of top up State pension payments to UK State pensions who are resident in this State; and if she will make a statement on the matter. [18241/13]
View answerIn assessing means deriving from payments received from non-euro countries, the 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-euro 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.
