Mr. Colin Kelly:

The way it works is that we do not buy any milk. The fixed-price schemes are in place for ten years now. It was an ask from the industry, as volatility has become very familiar in dairy and commodity markets. We saw it in particular in recent years. What we do is we buy physical product. As Deputy Browne says, we buy butter, cheese and powder. The powder that we buy can be in the form of skim milk powder, fat filled milk powder, rennet casing or ultimately whatever the market is calling for at the time and what our member co-operatives want to make at that period. We buy based on product prices, which is converted back to a cent per litre, which is offered by the member co-operatives to each of their 14,000 farmers.