Mr. Mark Cunningham:

I am happy to echo the responses we have heard so far. In response to Senator O'Neill's point, we are certainly in this game for the long haul. We are not suggesting that everything will be fine in the first year and that things will change in the second year. We anticipate that the situation will be better in year two but, as many others have said, the increased volume of production during the course of 2015 has compensated significantly for the reduction in price. As a result, the cashflow pressures are not as intense or severe as we might have anticipated at the start of the year. I note that Deputy Penrose has just left, but on the issue of rescheduling, we have not had to reschedule any loans at this juncture. I will ask Mr. Farrell to talk about the AgriFlex product in terms of how it comes into operation and what it can accommodate. I will also ask him to speak about the switchers and the number of beef farmers who have switched to dairy.

On the question of money being available for land purchase, we are currently approving funding for approximately 500 acres per week. That tends to be on a 15-year basis. The land purchase market is quite active at present but the level of gearing on that land purchase tends to be very low. We are looking at somewhere in the order of 30% on average across the book in terms of the level of debt that farmers are taking on. While there may be concerns that in certain sectors farmers are becoming over-leveraged and over-borrowed, in these instances the actual level of debt being taken out on land purchase is quite light.