Mr. Seamus O'Donohoe:

The best way to deal with a number of the questions asked is for some of my colleagues to comment on them in more detail.

In respect of the TLT receivership, we are looking at a done deal and a receiver has been appointed. My understanding is this was done by HSBC but that technically AIB joined in the receivership. I imagine that would be the description and that the lead appointee was HSBC. I am to a degree pessimistic about the outcome of the receivership process for the marts, but, in truth, we will not know until the receiver is able to forensically identify the extent of the debt and the ability to collect the receivables.

He is on record as saying the north African creditors are largely government creditors and that the debts are collectable. He is also on record as indicating there is some uncertainty about the collection of Italian debt. There is no clarity in that regard. From the perspective of marts and farmers owed money, there are many issues of concern to us.

I will ask the chairman of the marts committee to respond to the question of credit policy generally and the secretary to respond to the question on the constraints in export of livestock to the United Kngdom, which is an issue at which we have looked.

On Senator Susan O'Keeffe's question about rationalisation initiatives, at a high level we produce a rationalisation strategy every seven to eight years. At a micro level, we never stop socialising the idea of achieving consolidation between marts. The most substantial recent consolidation is approximately eight or nine years old. It involved the consolidation of three marts in Tipperary into Central Auctions. If there is any advertisement for the success and merits of and efficiencies achieved by consolidation, this is one incidence. There are other marts that are managers of multiple sites. It is generally recognised there are efficiencies derived from consolidation.

I will ask the chairman to comment on the issue of credit.