Vol. 511 No. 6
211 Mr. Yates asked the Minister for Agriculture, Food and Rural Development when he proposes to pay compensation to the early retirement scheme participants, including a person (details supplied) in County Wexford, for the 5 per cent cut in their payments due to the recent euro currency exchange reduction; and if he will expedite this. [25255/99]
Pensions paid under the scheme of early retirement from farming, along with certain other payments, were reduced by approximately 5.055 per cent when the euro was introduced.
The Council of Ministers have agreed that compensation may be paid for this reduction. However the approval of the European Commission is required before payment can be made. While my Department has been pursuing the issue as a matter of urgency, it has not been possible to secure the Commission's approval as early as had been hoped. It is now expected that approval will be given in December. Payment will then be made at the earliest date.
