Brendan Smith (Cavan-Monaghan, Fianna Fail)

The agreed rates of additional modulation will generate approximately €120 million in total over the four years from 2009 to 2012 in transfers from the single farm payment to rural development. As I have previously made clear, these additional funds will stay in Ireland and be passed back to Irish farmers under the rural development programme.

In line with the new regulations they must be used for measures to address the so-called new challenges associated with climate change, water management, bio-energy and biodiversity, dairy restructuring and innovation. I will consult stakeholders widely as to how these funds can best be used for the development of Irish agriculture.

See this speech in context