Vol. 508 No. 3
164 Mr. Neville asked the Minister for Agriculture and Food when refunds will be made to those on EU schemes for early retirement from farming to compensate for the reduction at 1 January 1999 on the introduction of the euro. [18597/99]
The Council of Ministers have 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.
