THE Irish Creamery Milk Suppliers Association held a protest rally outside Leinster House yesterday to demand compensation of £47 million to offset losses on farms caused by the revaluation of the Green Pound.
Its president, Mr Frank Allen, told the rally farmers were demanding that the Government live up to its commitments in the Partnership 2000 agreement to share the burdens of monetary union.
He said a large proportion of the 25 per cent drop in income predicted this year would be caused by the strength of the Irish currency, which has led to a revaluation of the Green Pound, the notional currency used for EU agri-trading.
"So far the Irish Green Pound has been revalued on two occasions, with a possible third revaluation in due course. These revaluations and the movement in currency generally has meant a cut of 6p per gallon in milk prices," he said.
Mr Allen, who handed in a letter of protest to the Taoiseach's office, explained that under EU rules, compensation for half the loss would be made available from the EU, but the national exchequer had to come up with its share of funding. "What other sector of society would stand by and see its income cut by 25 per cent and do nothing?" he asked supporters, who had travelled from all parts of the Republic to take part in the protest.
At an emergency national council meeting following the protest, it was agreed to continue protesting until compensation was paid.