I mentioned modulation five years ago when we were discussing the proposals for Agenda 2000. I was in favour of it then and I support what the Minister has achieved now – a removal of the proposed reduction of 13% in direct payments to meet future financing needs and the reduction of the proposed rate of modulation from 6% to 5%. The objective of retaining modulated funds within Ireland for rural development measures has largely been achieved. Modulation will commence in 2005 at the rate of 3%, 4% in 2006 and 5% in 2007. I agree with Senator Coonan that every endeavour should be made to retain that €34 million in Agriculture House for schemes for the smaller farming sector to ensure its fruitful existence continues.