Glanbia Fixed Milk Price Scheme participants, taken by surprise when deductions were made without warning in their July milk payments, have been refunded the money involved.
The company has explained that the deductions were for Market Adjuster and Farm Input cost mechanisms which are part of the Fixed Milk Price Schemes numbers 3, 4 and 5.
These price adjustments for final 2015 year qualifying supplies, and 2016 Jan to June supplies, and for realigning the price base for the remaining months, July to December were made to July milk payments, prior to a detailed communication from Glanbia.
“We acknowledge that this should not have occurred, and are refunding all such deductions with immediate effect,” said a spokesperson.
“To ease the cash flow implications of these adjustments, we will now spread any required repayments of greater than €100 over the next 12 months.”
This will be done in 10 equal instalments, with no deduction in December or January milk accounts.
All participants in the Fixed Milk Price schemes are to receive a letter detailing their individual adjustments.
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