Mr. Thomas Duffy:

I might invite Mr. Dillon to speak about investment supports in a moment. We have asked the Department how many of what we would class as young farmers, namely, those under the age of 40 years, have missed out on drawing down as a direct result of the five-year rule. I do not believe I touched on the question of investment support that Senator Paul Daly raised. We view it as a significant issue. Land is not only a capital-intensive business, but also an investment-intensive one. Many younger farmers who have inherited, purchased or leased land must make a substantial financial investment. We commend the Department in recognising this under TAMS. It has been successful and met its limits. Under the next CAP, however, there must be recognition of the need for all young farmers under the age of 40 years to be able to access some level of funding. Currently, only those qualifying under the five-year rule can apply for 60%. The limit of €80,000 on qualifying spend is increased in partnerships, but this touches on the question of gender and the break-up of farms between siblings, which is generally a tragic event. Currently, if two young farmers enter into a partnership, the limit remains unchanged. We would like to see it expanded so that as many as possible young farmers who are entering into a partnership can embrace the opportunity. We would also like to see a third category being made available from 2023 under the legislation, one that lies between 60% and 40% investment support.

The numbers are substantial. Young farmers are often recognised for their considerable commitment to social sustainability. In terms of economic sustainability, they have invested €186 million as a direct result of the support they have received under TAMS alone. That investment was mostly loaded towards the past two years. We can clearly see that young farmers are the ones making investments on farms and generating economic activity in the wider farm economy.

I will now hand over to Mr. Dillon.