Single Farm Payment exchange rate confirmed

Michelle Gildernew, Minister for Agriculture and Rural Development, today announced the exchange rate which will be used to calculate farmers’ 2009 EU subsidies.

Payments for the 2009 scheme year under the Single Farm Payment, Aid for Energy Crops and Protein Crop Premium schemes will be paid using the exchange rate of €1 = £0.90930.

Payments under these schemes are set in Euro and converted to Sterling each year using the exchange rate calculated in accordance with EU regulations. This is the market rate according to the European Central Bank on 30 September of the year concerned.

Announcing the exchange rate, the Minister said: “Thanks to an improving exchange rate, our farmers will be able to get a substantial benefit from the stronger Euro. This announcement could not have come at a better time for our industry, given the current economic downturn and difficult trading conditions that all businesses including farms face.

“I have recently agreed that, subject to the Rural Development Programme being changed, the payment rates for the 2010 LFACA Scheme will be £23.81 per hectare for Disadvantaged Areas (DA) and £47.62 per hectare for Severely Disadvantaged Areas (SDA) This extra cash will provide a welcome boost to farmers and the rural economy at this time.”

Notes to Editors:

1. The exchange rate for 2008 payments was €1=£0.79030.

2. Farmers will benefit from the improved exchange rate from last year in that payments made in sterling will be higher. Farmers who have elected to receive their payment in sterling do not need to open a euro bank account to get that benefit.

3. Farmers wishing to receive their payment in euro were required to make their election for payment in euro by 15 May 2009 on the 2009 Single Application Form.

4. All media enquiries should be directed to the  DARD Press Office on 028 9052 4619 Out  of office hours please contact the duty press officer via pager number 07699 715 440 and your call will be returned.