Vol. 508 No. 1
308 Mr. Penrose asked the Minister for Agriculture and Food the steps, if any, he is taking to compensate applicants under the farm retirement scheme who suffered losses of up to 5.055 per cent in their pensions as a result of the introduction of the euro on 1 January 1999; if he will indicate when compensatory payments will be made to the applicants; and if he will make a statement on the matter. [17688/99]
The Council of Ministers has agreed that compensation will be paid over the next three years to participants in the schemes affected by reductions arising from the introduction of the euro.
Full compensation with 100 per cent funding by the EU, will be payable for the reduction in 1999
pensions to participants who joined the scheme prior to 1998. Approval of the EU Commission is necessary before compensation will be paid. It is hoped that the Commission will give the necessary approval by the end of November, and once such a decision is received payment will issue as soon as possible. Two further tranches of compensation at reduced levels will be paid.
