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Adobe PDF format  VFM Report 7: FEOGA Borrowing

The Department of Agriculture, Food and Forestry borrowed funds on a bridging finance basis to meet the cost of purchasing commodities for intervention storage of certain agricultural products and to fund payments in respect of certain schemes under the EU Common Agricultural Policy. Expenditure was subsequently reimbursed by the EU at agreed rates. The report present the results of an examination of how efficiently the Department managed its borrowing activities, how well the associated risks were managed and lessons which can be learned for the future.

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