10 Apr 2015
€27M OF UNSPENT CAP ‘FINANCIAL DISCIPLINE’ DEDUCTIONS FROM 2013 TO BE RETURNED TO FARMERS IN COMING WEEKS – IFAEconomics, Farm Business & Credit
IFA President Eddie Downey has said that the €27m that will be reimbursed to farmers in the coming weeks represents the amount that remained unspent from the financial discipline deductions, including the Crisis Reserve, that were made on individual farmer’s Single Farm Payment in 2013.
Eddie Downey said, “Under the new CAP reform, the EU Commission deduct an amount of money annually on farmers’ payments to ensure that CAP spending for the following year, including the Crisis Reserve, does not exceed the maximum CAP budget. This is the ‘financial discipline’ deduction that farmers have seen in their Basic Payment statements in the last number of years. If there is money remaining unspent in the CAP budget, this is returned to farmers in the following year”.
He continued, “Approximately €27m, which was deducted from Irish farmers in their 2013 payments and was not used for the Crisis Reserve, will be shortly returned to them through the Department of Agriculture. It is important that this money is returned promptly to the farmers from whom the deduction was made”.