Pat O'Neill (Fine Gael) | Oireachtas source

We referred to the volatility in 2009, when we saw the price of milk decrease to 18 cent per litre. I am from Kilkenny, so I know the situation with the greenfield site that AIB, Glanbia and Teagasc were involved with. The site was set up and they were going to try to produce milk at 14 cent per litre to prove to farmers that it could be done. Then they could pay 18 cent per litre for it. I welcome that the banks now realise the cost of production is between 24 cent and 26 cent per litre depending on how efficient farmers are. Basically, that is the position.

I referred to European Investment Bank money earlier and I understand AIB has taken out some of it. Have any other banks taken up the EIB money? Is AIB the only bank to have used the European Investment Bank facility?

Is the European Investment Bank money limited to dairy farmers or is it available to all farmers? If it is available to all farmers, is it available to agribusinesses too? Can agribusinesses take some of that cheap money?

I seek a comment from the three banks on another point. We are now living in the age of technology. Senator Comiskey referred to older members. If we come back here in three years' time, will there be such a thing as a cheque book? How are we going to deal with that situation? Farmers pay many of their bills by cheque. For example, contractors call to the door. I am unsure whether contractors are going to have a machine to take a credit card and so on. Will there be cheque books in three years' time?