The European Commission yesterday approved £23.3 million in compensation payments to Irish farmers due to currency movements. The money, from the Irish Exchequer, will top up payments already made this year of £68.5 million from the Commission.
The losses arose from the revaluation of the pound against the ecu and the consequent devaluing of grants due to farmers. The aid rate will be paid on the basis of £2.3 per hectare of cereals, 20p per tonne of sugar beet, 1.2p per litre of milk, and £41 per steer, young bull or heifer, and £2 per animal eligible for the special beef premium.