The Teagasc National Farm Survey shows that in the bad milk and grain year of 2016, investments were down almost €100m.

In that period, debt levels on farms carrying existing debt was up 3% to an average of €63,000 with dairy farms carrying an average of €99,058 and tillage farms carrying an average debt of €80,590. However, just one in three farms have bank debt of any kind. Farmers are prudent and responsible with debt, but this figure must be kept under control.

Our competitive advantage on the global stage lies in our low debt. In comparison with New Zealand or the Netherlands, our debt per cow ratio is minuscule. We must continue to operate in this manner.