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Single Farm Payment Scheme
28/09/2007
The Scottish Government confirmed that the exchange rate to be used for the 2007 Single Farm Payment Scheme is €1 = £0.69680 .
The exchange rate to be used is that set today by the European Central Bank.
All payments for direct aid schemes are set in euros. The conditions on how to convert these amounts into the national currencies of Member States that do not use the euro are set in EC Regulations.
The Regulations allow the European Commission to set in advance the date on which the exchange rate will be calculated. For the 2007 scheme year, the rate for all CAP reform schemes is calculated on the last working day of September.
The rate used in 2006 was £0.6777: the 2007 rate, therefore, represents an increase of + 2.82 per cent.