It is a case of out with the old and in with the Ornua for the Irish Dairy Board (IDB). The IDB will be known as the Ornua Co-operative Limited from 31 March, the eve of quota abolition, the IDB has confirmed.

The Irish Farmers Journal first reported on the IDB's decision to change its name at the end of 2014.

The name is derived from the Irish for gold “ór” and new “nua”. There will be no fada on the “o”, however it is understood there will be a reference to the fada in the new logo design. The decision to change the name was made in December but needed to be ratified at board level first.

In statement to the Irish Farmers Journal on Monday, the IDB confirmed the name change.

“Members of Irish Dairy Board Co-operative Limited (IDB) have today (Monday), Monday, 23 February voted in favour of changing IDB’s name to Ornua Co-operative Limited and have approved the adoption a new corporate identity, Ornua.”

The statement added: "The change approved today relates solely to the corporate identity. IDB’s corporate structure and portfolio of consumer brands including Kerrygold, Dubliner, Pilgrims Choice, Beo and MU will remain unaffected."

The new name has been sent to the Registrar of Friendly Societies for formal approval