Brian Lenihan Jnr (Dublin West, Fianna Fail)

The debates are in the public domain. The word "specified" is used in the legislation because the dates are not set out in the legislation but it is intended that 40% will be paid on the enactment of this legislation, 40% in January 2010 and 20% in January 2011. Since 40% will be paid on the enactment of this legislation that might give Members opposite, who have turned up in such large numbers showing the Fine Gael interest in this subject, an incentive to support this Bill later and expedite the passage of this legislation.

Regarding the earlier question, it is important that the Minister for Agriculture, Fisheries and Food's discussions with the banks are concluded as rapidly as possible in the interests of the farming community. The Minister has put a great effort into these negotiations and they are very close to finalisation. I have been giving him all support on this and will continue to do so to ensure this difficult issue is resolved in the interests of Irish agriculture.

The amendment is not accepted because, clearly, writing off interest payments on borrowings against profits is already something farmers, like any other business, can do.

Clearly, the righting off of interest payments on borrowings against profits is already something which farmers, like any other business, can do and allowing for a tax credit for such payments, even if the credit was confined to accrued interest payments in respect of borrowing for projects qualifying for farm waste management grants, would be an effective duplication of relief already allowed. As I stated, the Minister, Deputy Smith, has had discussions again this evening with the farm organisations and has been working extensively with the banks to ensure the position of farmers faced with these financial pressures are addressed.

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