HC Deb 02 November 1998 vol 318 cc424-5W
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.

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