The Euro exchange rate used for calculating 2012 Single Payment Scheme (SPS) payments will be €1 = £0.79805. Released by the European Central Bank, this rate is the last exchange rate set by the Bank in September.

SPS payments for England 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 (RPA) has up to date bank details for all those making claims and farmers are advised to check their records. On average, some 500 claimants a year fail to tell 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, contact the Customer Service Centre on 0845 603 7777.

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


Notes

• The payments for SPS are set in Euros and are converted to sterling each year using the last exchange rate set by the European Central Bank (ECB) in September.

• Previous years’ exchange rates:
  2011 scheme €1 = £0.86665
  2010 scheme €1 = £0.85995
  2009 scheme €1 = £0.90930
  2008 scheme €1 = £0.79030
  2007 scheme €1 = £0.69680
  2006 scheme €1 = £0.67770
  2005 scheme €1 = £0.68195

• The Rural Payments Agency’s work helps the Department for Environment, Food and Rural Affairs to encourage a thriving farming and food sector and strong rural communities. RPA makes Common Agricultural Policy support payments, traces livestock and carries out inspections. It manages more than 40 schemes, paying farmers and traders more than £2 billion each year. To administer such a wide range of schemes and meet EU requirements we manage information on more than two million land parcels.

Tweet