When the agreed modulated system is fully implemented, Ireland will retain over €34 million per annum of the €40 million that will be raised through modulation. The retention of the €5,000 exemption will ensure that modulation will not apply to almost half our farmers and we should welcome that move. I congratulate the Minister again on this vital improvement. Under the original proposal, the combined effect of modulation and digression would have resulted in a massive €464 million being siphoned off from direct payments between 2006 and 2012. Genuine farmers will acknowledge and appreciate what he has done.