Vol. 533 No. 1
92 Mr. Deenihan asked the Minister for Agriculture, Food and Rural Development if he will confirm that farmers on farmer's early retirement pension will receive compensation due to the decrease in pension due to the weakness of the euro; and if he will make a statement on the matter. [8349/01]
The rate of pension paid under the 1994 scheme of early retirement from farming was expressed in ECUs. The revaluation of the Irish pound on the introduction of the euro in January 1999 resulted in a reduction of some 5.05% in the rate of pension. While the reduction in the rate is permanent, the Council of Ministers approved a three year scheme of compensation. Full compensation was paid in 2000 for reductions in payments during 1999. Compensation for reductions during 2000 is set at 75% and it will be paid to participants in the scheme later this month. Arrangements for the third and final compensation payment have yet to be determined.
