Dáil Éireann Debate, Tuesday - 10 March 2009
324 Deputy Finian McGrath asked the Minister for Social and Family Affairs the exchange rate used to determine income for those in receipt of a British pension; and the person who determines the rate. [9534/09]
Amharc ar fhreagraIn assessing means derived from payments received from EU Member States (including U.K.) which do not form part of the EMU currencies, the Department uses the conversion mechanism provided for under Article 107 of Council Regulation (EEC) No. 574/72 on Social Security for Migrant Workers. The exchange rates for converting Sterling and other non-EMU currencies are published quarterly in the Official Journal of the European Union.
Under this mechanism the conversion rate used for means testing purposes is derived from the average of the daily exchange rates in the first month of a quarter. This rate is then used in all conversions during the course of the succeeding quarter. Alternatively the conversion rate applicable to the next succeeding quarter is used if it is more beneficial to the customer. When reviewing customers who are in receipt of British pensions the exchange rate used to convert Sterling is the rate applicable to the second quarter (i.e. the quarter in which the British pension increase occurred) or the third quarter if that is more beneficial. The exchange rate for Sterling to Euro currently being applied by the Department is £1= €1.27116.
