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

While I appreciate that markets are extremely difficult on the dairy side at present, I remind the House that markets bounce back. The Brexit situation is complicating what was already a difficult situation, but the markets will recover. I do not want to predict when that will happen, but there are straws in the wind. I will not put it more strongly than that. We may have bottomed out and the recovery may be evident in 2017. That remains to be seen. It is important we do not add to the volatility in the market by making statements suggesting we are in a doomsday scenario. The market will recover. We will manage to ride out the sterling issues. If additional policy interventions and instruments are required, they will be considered by the Government in due course. We have been in this space - I refer to where sterling is today relative to the euro - on a number of occasions over the past ten years. I assure Deputy O'Keeffe that we are exploring the option of low-cost credit. I accept that our bank charges are out of kilter with the cost of credit internationally. We are working with organisations like the Ireland Strategic Investment Fund and the Strategic Banking Corporation of Ireland to examine how this issue might be addressed. We are working on a range of fronts. I regret to tell Deputy Heydon that I do not see an upside of Brexit for the agriculture sector. We are trying to ensure our unique relationship with the UK and our dependence on the UK as a significant market is recognised during our negotiations on Brexit.

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