Mr. Tadhg Buckley:

Deputy McConalogue referred to lending to high-risk customers. When we look at cases, we do not look at 2018 in isolation, as there is significant volatility, but we look at how an entity has performed, firstly over the last three years, in relation to profitability. We refer to repayment capacity. In the dry stock sector, for instance, the repayment capacity is based on what is available for the overall entity. In many cases, that would include off-farm income in dry stock farms which aids repayment capacity. Where possible, the primary objective is to support the farming operation. If it needs to acquire feed or fodder to continue to trade through winter, where at all possible, we will support that.

On numbers, the approval rate is running at more than 90%, so more than nine out of ten of our farmer credit line applications are approved.

On the interest rate for fodder related facilities, our farmer credit line is a variable rate and today the rate is 3.825%. That is the primary product that we encourage our farmers to use as the first port of call for the purpose of feed and fodder. We expect we may have to meet those customers again next spring. We are looking at giving a liquidity injection into the business. The first thing that they need is cash; they need liquidity. To give farmers an interest-only loan today gives them no liquidity. The primary objective is to get liquidity into the business, and in many cases we will have to sit down with that farmer again and possibly restructure some of the loans over a longer term, depending on how much of an impact this current issue will have.

I want to allay any fears Deputy Cahill might have. I think there will be a substantial level of casual requests which will come at us as we work through the winter. We have communicated that internally quite strongly to our front-line staff and have already started to see these requests coming to us.

The pocket of Tipperary, Carlow, Laois and Offaly seems to be the worst affected region in our experience. The south and south east has also been heavily affected, as has much of Cork. I do not want to pick out counties, but as one goes towards the western seaboard, they were much more heavily affected during the spring. Every part of the country has been impacted, but at different times of the year. The pig sector is probably one of the worst affected sectors, even though it does not have a fodder requirement, but it has been indirectly impacted by the increase in feed prices.

Deputy Cahill referred to dairy new entrants. We do not have any restrictions on lending to new entrants to dairy, or relating to experience in the sector. However, I am aware that there maybe restrictions in the MilkFlex product.