10 July 1998

Cumbria livestock farmer opens first UK euro account

By Jeremy Hunt

CUMBRIA beef and sheep farmer John Geldard has opened the UKs first euro bank account.

Mr Geldard, a farmers weekly Farmer Focus contributor, who exhibited Lleyn sheep at the show, was encouraged to open the account by his bank manager, Terry James, Barclays agricultural banking director at Kendal.

If the government gives approval Mr Geldard and other British farmers will be able to trade in euros from Jan 1. Given the go-ahead farmers should be able to receive subsidy payments in euros next year if they so wished, said Mr James. "Farmers will have to have a euro account to handle that part of the business," he added.

Once income has been received into an account in euros it would be possible for farmers to benefit from the interest advantages of the new currency, explained Mr James. &#42