§ Mr. Ralph Howellasked the Minister of Agriculture, Fisheries and Food what is the value of the green pound in pounds sterling.
§ Mr. BishopThe representative rate or "green pound" is the fixed rate used for converting units of account in European Community agricultural rules into sterling. The rate was last adjusted at the February Council to 1.96178 units of account equal to £1 sterling. For purely 115W agricultural purposes the difference between this fixed rate and the current market value of the pound is covered by monetary compensatory amounts. Under present Community methods of calculation these amounts are currently fixed on the basis of a gap of about 13 per cent.