Exchange rate for 2009 sps payments confirmed

The exchange rate to be used for SPS 2009 payments was confirmed last week as €1= £0.9093. This represents an increase of 15 per cent compared with last year.

Farming Minister Jim Fitzpatrick said:

"This exchange rate will increase the sterling value of SPS payments by around 15 per cent compared with last year – a welcome short-term boost for many farmers.

"The Rural Payments Agency (RPA) Chief Executive expects to at least match RPA’s performance under the 2008 scheme when nearly £1 billion was paid out by the end of December.

"The 2009 payments will begin to be made in December. We have decided not to take up the option of making earlier partial payments to allow the Rural Payments Agency to focus on making full payments as early as possible."

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