Ms Tara McCarthy:

We are very excited about the possibilities for the dairy industry, but very conscious of the volatility that is part of this new journey. It is important to stress right the way through this that we need to be focused on adding value and not be sucked into a commodity game. Origin Green will be one of the fundamentals that helps to differentiate Ireland from New Zealand, all our European competitors and the US, and this will protect us going forward. In December 2013 we introduced a dairy quality assurance scheme. We have had guests such as Starbucks coming to Ireland specifically because they have the reassurance of this scheme and because Ireland plays as a united front rather than having Irish interests compete with each other. There are many aspects to this, and we would need a huge crystal ball to forecast where dairy is going to go and whether it will be influenced by the consumption patterns of the Russians or the Chinese. The overall dynamic is hugely positive, with increased consumption of dairy. The key piece is that we remain part of the value-added element of that trading and are not just at the lower end. Looking at the journey to date, although we have just 1% of global trade in dairy, we actually have 10% of the market for infant formula. That shows we are playing to our strengths in operating in the absolute top end of that market. With that come huge responsibilities regarding food security, sustainability and the brand protection for customers. We have huge responsibilities but are playing for huge opportunities.