Michael Creed (Cork North West, Fine Gael) | Oireachtas source

Given that the United Kingdom is a net contributor to the European Union, its departure, whenever it is finalised, will have consequences from that date forward for the CAP. The financial arrangements underpinning the current CAP are secure until a new CAP is negotiated in 2020. We are very conscious of the implications. I will be meeting the French Agriculture Minister in late August in Paris to discuss all of the consequences arising from post-Brexit issues.

Notwithstanding the comments of the German Agriculture Minister, it is important that we do not raise fears that are not real. There is no threat to immediate funding under the CAP. I am very much aware of the significant funding we draw down in direct payments and areas of natural constraint and under the rural development programme. These payments are secure in the current CAP budget. It is likely to be at least two years, possibly longer, before the United Kingdom manages to extricate itself legally from membership of the European Union.

2 o’clock

However, the current budget is secure, notwithstanding the comments by the German agriculture Minister.

See this speech in context