Mr. John Enright:

Regarding the banks, we have conducted an analysis of the interest rates that Irish farmers pay compared with their EU counterparts. Had we the EU's average rate, we would be paying €80 million less. To put that in context, this year we paid a superlevy fine of €70 million. The higher rates need to be addressed.

Another issue arises for farmers from time to time. If a farmer gets a better interest rate from another bank, he or she must employ two solicitors to transfer the security from one bank to the other. This is because of the property crash, not farmers, yet we are paying the consequence. The charge is probably €2,000 or €3,000.

As the president stated, there is no point in our dealing with the multiple retailer issue in Ireland. We export 90% of our beef and close to 90% of our dairy products, with the majority going to European markets. Something must be done at European level to address the issue.

The Commissioner has stated that he is examining the issue of interest rates and finding cheaper sources of funding for Irish farmers. The latter needs to happen quickly. In 2016, interest rates, bank charges and loans will be a major issue for farmers.

We mentioned 2009. Some have stated that what happened then could recur after six years, but it could also recur after three years. No one knows. We must be prepared. The 2014-16 period is a good example of the difficulties that we face. The year 2014 was a relatively good one for dairy farmers. I welcome Deputy Penrose's comments on the farm management deposit scheme. If I have a good year farming, I should be able to set aside some funds for the more difficult years. Unfortunately, many dairy farmers are being encouraged to form companies. We have grave concerns about that. The majority of dairy farmers are sole traders and we should support them in that way. The farm management deposit scheme could play a valuable role in addressing future crises.