Mr. Sean Farrell:

AgriFlex is our response to the problem of price volatility. We do not believe there is a single catch-all solution to it. In 2014 we designed the product, which allows both existing and prospective customers to switch to an interest-only schedule for an initial period of six months. That schedule can be extended beyond the six-month period for a further six months. The product allows customers to switch some or all of their borrowings onto interest-only, as and when they require it. We are asking our customers to provide us with a cashflow expectation in advance of requesting AgriFlex.

Similar to what other banks have said here today, we have not seen any significant uptake in terms of demand for cash flow. As we said, our overdraft utilisation levels are low so we do not anticipate that there will be a significant uptake in the short term. We are making contact with customers in advance of next year and are ready to support our customers as required by them.