Written answers
Wednesday, 30 January 2008
Department of Social and Family Affairs
Social Welfare Code
8:00 pm
Paul Kehoe (Wexford, Fine Gael)
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Question 724: To ask the Minister for Social and Family Affairs the policy in place to deal with the weakening pound and the currency rate used to calculate a UK payment as part of an Irish means tested claim; and if he will make a statement on the matter. [36052/07]
Martin Cullen (Waterford, Fianna Fail)
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In assessing means deriving from payments received from EU Member States (including the U.K.) which do not form part of the EMU currencies, my Department uses the conversion mechanism provided for under Article 107 of Council Regulation (EEC) No. 574/72 on Social Security for Migrant Workers. The exchange rates for converting Sterling and other non-Euro currencies are published quarterly in the Official Journal of the European Union.
Under this mechanism the conversion rate used for means testing purposes is derived from the average of the daily exchange rates in the first month of a quarter. This rate is then used in all conversions made during the course of the succeeding quarter. Alternatively the conversion rate applicable to the next succeeding quarter is used if it is found to be more beneficial to the customer.
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