Brendan Smith (Cavan-Monaghan, Fianna Fail)

With the existing modulation arrangements, the amount collected annually is €42.5 million. That modulation is in place up to 5%. With the new rates that will be applicable there will be an increase in modulation rate of 2% this year and 1% in 2010, 2011 and 2012. The additional funding that will be generated for the modulated fund will be €17 million this year, €25 million in 2010, €34 million in 2011 and €42 million in 2012. That brings the cumulative amount in the period up to 2012 to a total of almost €120 million.

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