Mr. Michael Murphy:

There is a substantial lack of relevant expertise in the main banks. Bank of Ireland may have expanded operations but until recently, there were only approximately four specialised agricultural advisers. In New Zealand, the ratio is probably one per 100 or 150 farmers but we are off that scale. It is a shame that Rabo, which had more expertise in the area, has taken the decision to move from this country. Part of the reasons banks seek hard collateral is because they do not have the experienced personnel to evaluate the people and projects.

On the question of whether there should be a State bank, currently none of the banks has enough expertise in the agricultural area.