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Euro exchange rate fixed for current Single Farm Payment scheme

By Western Morning News  |  Posted: October 03, 2012

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The Euro exchange rate used for calculating 2012 Single Farm Payment scheme payments will be one Euro=£0.79805. Released by the European Central Bank, this rate is the last exchange rate set by it in September.

SFP scheme payments are set in Euros every year and then converted into sterling. Payments under the scheme will be made from December 2012. It is important that the Rural Payments Agency has up-to-date bank details for all those making claims and farmers are being advised to check their records. On average, some 500 claimants a year fail to tell the RPA of changes to their banking details and this causes delays in payments being made.

To update their bank details, farmers should complete a CReg10 form available from the customer registration section of the RPA website (rpa.defra.gov.uk/creg) or by emailing csc@rpa.gsi.gov.uk. Alternatively they should phone 0845 603 7777.

The RPA makes all payments directly into bank accounts by BACS transfer.

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