The Department of Agriculture, Environment and Rural Affairs (DAERA) has confirmed that the exchange rate to be used to calculate 2017 Direct Payments and the Young Farmer’s Payment rate are now known.
Sterling payments for the 2017 Direct Payments (Basic Payment Scheme, Greening Payment and Young Farmers’ Payment) will be made using the exchange rate of €1 = £0.89470. On the basis of the new rate, it is estimated that the total net value of 2017 Direct Payments to local farmers will be boosted by £13million compared to 2016.
Direct Payments are set in Euro and converted to sterling each year using the exchange rate calculated in accordance with the EU regulations.
In 2017, the rate is the average market rate for the month of September according to the European Central Bank.
The 2017 Young Farmer’s Payment will be paid at the rate of £49.90 per hectare. Young Farmer’s Payment is made on a per hectare basis up to a limit to 90 hectares.