Irish revaluation to cost farmers IR170m

16 March 1998

Irish revaluation "to cost farmers IR£170m"

THE revalutation of the Irish Punt is expected to cost the Republics farmers a fortune.
The European Unions Monetary Committee announced last week that the Punt would be revalued by 3%.

Tom Parlon, president of the Irish Farmers Association, said the revaluation would cost farmers I£170 million (about £138m) a year. Farm incomes would fall by 6%, he added.

The new rate will make the countrys exports – including many agricultural products – less competitive.

• The Times 16/03/98 page 48
  
• Financial Times 16/03/98 page 2, page 21 (Leader), page 23
• The Independent 16/03/98 page 20