Vol. 511 No. 6
219 Mr. Ring asked the Minister for Agriculture, Food and Rural Development when those in receipt of the farm early retirement scheme will receive compensation as promised following the 5.055 per cent reduction in their benefit from 1 January 1999 due to euro currency conversion; and if EU approval has been sought and received for this compensation payment. [25293/99]
The Council of Ministers have agreed that participants in the early retirement scheme will be paid compensation for the reduction in their pensions arising from the introduction of the euro. 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 opportunity.
