Single Farm Payment exchange rate confirmed

Agriculture and Rural Development Minister Michelle Gildernew MP, MLA has announced today that the European Central Bank exchange rate to be used to calculate farmers’ 2010 Single Farm Payment is now known.

Subject to formal confirmation in the Official Journal of the European Union on 1 October 2010, payments for the 2010 SFP will be paid using the exchange rate of €1= £0.85995.

Welcoming this exchange rate, the Minister said: “Last year’s exchange rate was exceptionally favourable and although the situation this year isn’t quite so helpful, the change in the value of sterling in recent months has ensured an improvement in comparison to 2008 and earlier.

“This is very important news for farm businesses as it will contribute significantly to business income.”

EU regulations permit the Department to commence processing full payments in December. DARD’s payment timetable for the 2010 scheme year will be published before the end of November.

Single Farm Payments 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 at 30 September of the year concerned.

Notes to editors:

1. The exchange rate for 2010 was announced on 30 September 2010 and will be published in the European Journal on 1 October.
2. The exchange rate for 2009 payments was €1 = £0.90930.
3. Farmers who have elected to receive their payment in sterling will receive their payment by electronic transfer into the sterling bank account which they have nominated.
4. Farmers who have elected to receive their payment in euro were required to make their election for payment in euro by 17 May 2010 on the 2010 Single Application Form.
5. All media enquiries to DARD Press Office, telephone 028 9052 4619. Out of office hours please contact the duty press officer via pager number 07699 715440 and your call will be returned.