Written question asked by Anthony Steen (Conservative) on Monday, 19 October 1998, in the House of Commons. It was due for an answer on Monday, 2 November 1998. It was answered by Lord Rooker (Labour) on Monday, 2 November 1998 on behalf of the Ministry of Agriculture, Fisheries and Food.

Ministry of Agriculture Fisheries and Food

Question: To ask the Minister of Agriculture, Fisheries and Food, if he will list the signatory countries for the green pound compensation scheme; when he plans to implement the scheme; and from what source he proposes to fund the scheme. - Inc figures.

Answer: Mr. Steen: To ask the Minister of Agriculture, Fisheries and Food if he will list the signatory countries for the green pound compensation scheme; when he plans to implement the scheme; and from what source he proposes to fund the scheme. [55875] Mr. Rooker: The agrimonetary system forms part of the European Union Common Agricultural Policy. It is used to convert CAP payments set in Ecu into national currencies. Compensation is available for green rate revaluations in certain circumstances, 50% of which can be reclaimed from the EU budget. The Government announced in December 1997 that they would pay a package of aid worth £85m to beef and sheep producers, in respect of green pound revaluations that occurred in 1997. All of this £85m package could be reclaimed from the EU budget.

Secondary information

Type: Written question
Reference: 318 c424-5W; 55875
Session: 1997-98
Subjects: Compensation Finance Farmers EU grants and loans Common agricultural policy Green pound
Contains statistics: Yes