Irish farmers will benefit from the first devaluation of the green pound since the pound began to strengthen late last year. The green rate, which is used by Brussels to calculate intervention and other support payments to farmers, will be adjusted down today by 0.13 per cent.

The move was welcomed by IFA president, Mr John Donnelly. He warned, however, that, while the move was welcome, the pound is still overvalued against European currencies. "The pound must not be fixed against the single currency at a rate higher than its central rate and the IFA will be seeking a pre election commitment form the political parties on this issue."