The Minister for Agriculture, Michael Creed, has today announced further details of how the 2017 National Reserve will be funded.

To fund the National Reserve, which requires a pot of €5m, the Minister has announced a cut in the amount of clawback applied to the sale of Basic Payment Scheme entitlements without land.

In 2016, the sale of entitlements without land was subject to a clawback of 50% of the number of entitlements sold.

“Based on the experience of the level of sales of entitlements without land in 2016, I believe that a reduction in the level of claw-back to 20% is appropriate for 2017 and will assist farmers in future business planning,” Minister Creed said.

The move follows a recent consultation process between the Department and the Direct Payments Advisory Committee, which is made up of the main farming bodies and agricultural advisory and education providers.

The proceeds arising from the implementation of this measure will be used to replenish the fund.

Back in February, Minister Creed said, “The National Reserve is a vital resource for providing support to young farmers and new entrants to farming, in the crucial years following establishment of the farm holding”.

As the National Reserve fund for 2017 is a very scarce resource the scheme will be targeted specifically at educated young farmers and new entrants to farming who fulfil specific objective criteria, the Department of Agriculture has said.

The National Reserve on-line application form, together with full terms and conditions, will be available when the scheme opens for applications in March 2017.

Successful applicants to the National Reserve receive an allocation of entitlements at National Average value or a top-up to the National Average value on entitlements that are below the national average. Am I eligible for the National Reserve?