Michael Creed (Cork North West, Fine Gael) | Oireachtas source

On the latter question, the legislation enabling us to proceed with the capital investment fund in early 2019 has completed its journey through the Seanad. The Minister for Business, Enterprise and Innovation, Deputy Heather Humphreys, is piloting that legislation. It is minor and technical legislation. As I understand it, primary legislation must underpin the loan initiative because of the involvement of the European Investment Bank. I imagine that will be concluded in the Dáil before Christmas and, therefore, all the legislative hurdles associated with the launch of the loan scheme in early 2019 will be cleared. As I said previously, we identified a gap in the market for funding for capital investment in the area of longer-term finance. There is sufficient competition in the market for shorter-term money. We identified a gap in the market for finance over eight to ten years. We propose to fill that gap with this product. There will be a minium borrowing requirement of €50,000. Unsecured borrowing at an interest rate of less than 5% will be offered. Those are the main characteristics of the loan product we will introduce.

On weather, this Supplementary Estimate was required for a couple of reasons. One reason was the fodder initiative we introduced. I do not make this point to denigrate in any way those still facing significant challenges, but our initial audit showed a fodder deficit of almost 30%. The most recent audit showed that we were at a 1% deficit. This shows the value of working collaboratively. We have reached this point through work led by my own Department and Teagasc, in collaboration with all stakeholders, including farm organisations, financial institutions and the agrifood industry.

There are many who would have had us do much more at a much earlier stage at much more expense. All of the steps we took, however, were prudent and appropriate. They have got us to a situation now where the deficit is manageable. I urge farmers who still face a challenge with their holdings to engage with the advisory service and, in particular, to get involved in fodder budgeting. The Department will keep the situation under review. One of the initiatives on tillage side where we have had a response was the planting of 20,000 hectares. That is important and we should be appreciative of the tillage sector for that response.

There is also the import aspect. I am aware some approved importers now have a situation where the products they have imported are warehoused rather than distributed. They are those - including some who may be in this room and if the cap fits, wear it - who would have had us importing in July. We would be left with stockpiles of fodder now. The benefit of having worked collaboratively was that the steps taken were appropriate and taken at the appropriate time. We will, however, keep the situation under review. If there is a need to intervene in 2019, we will review it then.