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

I take the view that a substantial overhang of skimmed milk powder at the start of 2018, in excess of 370,000 tonnes, was a significant dampener of dairy markets. I do not think there is one industry representative to whom I have spoken who is critical of the manner in which the European Commission off-loaded the skimmed milk powder intervention stock, which has worked to the extent that it has practically been halved. That gives confidence to the dairy market. I accept the Deputy's point that the industry is talking about 2019 being challenging. However, it would be far more challenging if global dairy markets were to be as they are and we were to have not only the 370,000 tonnes of skimmed milk powder intervention stocks we had this time last year but, in fact - if the Deputy had gotten his way - additiional intervention stocks added in the last 12 months. To its credit, what the Commission has managed to do is reduce the overhang. This has improved market sentiment, which has to be beneficial to dairy farmers.

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