Mr. Ken Burke:

With the permission of the Chair, I will close with two other points. I have statistics that show some positivity around the ability of the dairy farmer to weather what might be coming in 2015. I have the Central Bank figures for 2009 of the total outstanding balances to Irish agriculture, which was €5.5 billion. In the most recent figures from the Central Bank, the total outstanding balances to Irish agriculture is €3.4 billion. The level of farm debt has reduced quite considerably post farm waste management investment. I have statistics on working capital, which will be particularly relevant in terms of managing milk price volatility. We are seeing credit balances in farmer's current account up 27% year on year. For every euro that a dairy farmer has borrowed from AIB, there is €3 held in credit funds with AIB. Over that utilisation rates have been dropping, in particular during the past 12 months. If a farmer has an overdraft limit of €50,000, 38% was the average overdraft utilisation in the past 12 months. It has dropped back to 33%. There is headroom there and capacity in terms of being able to weather it.

My colleague, Dr. Anne Finnegan might cover the question on the investment cycle and outcomes over the next 12 to 18 months and the investment required.