16 Nov 2010
SAVINGS IN DEPARTMENT OF AGRICULTURE CAPITAL BUDGET SHOULD BE USED FOR EARLY FWM PAYOUTRural Development
IFA Rural Development Chairman Tom Turley has called on the Minister for Agriculture Brendan Smith to use savings in the Department of Agriculture’s Capital Budget to commence payment of the final 20% tranche of the Farm Waste Management Scheme before the end of the year.
Mr. Turley said that up to the end of October €38m of this year’s Department Capital Budget is unspent and this would pay around 5,500 farmers their first payment.
“Paying the final 20% now would ease the burden on next year’s Department’s Estimate as the payment is due to be paid in January. Around 17,400 farmers are due €120m which is the final payout of the staged payment arrangement put in place in March 2009,” he said.
Continuing, Mr. Turley said that interest payment on the last two tranches, which is also due, will be additional to the final payment. This must be paid at a rate of 3.5% as promised to farmers, worth €13m or an average of €747/farmer.