 Thanks to Aiden and Josh for some fairly fascinating insights there into I suppose the long-term future trends in the food industry and where we're going. It's absolutely vitally important for all of us collectively to try and understand where we're going and particularly as bankers, stroke investors in the industry to get the knowledge and get that understanding about what are the current trends and directions of the industry, what are the trends and directions that we need to support and where we can assist and help both the initial producers but much more importantly the value added side and the value added food side. I think there's a perception fuelled by some of the media out there that the banks in this country all they ever did was fund property. I mean Bank of Ireland and indeed the other banks have been involved in funding the agricultural sector and indeed funding the food sector through many generations and indeed through many iterations and when we look at some of the work that perhaps we did with the co-ops initially and IBI corporate finance, our corporate finance arm would have assisted with the flotation of most of the co-ops here in Ireland and the business models are indeed with Greencore and the sugar company and the business models that those companies had when they started initially and when you compare them with what John Maloney in Glanby is talking about earlier this morning and you compare them with where they were when they were initially floated it's quite clear that it is absolutely necessary for the financial sector and the financial industry to be in a position to understand and to support and to help these businesses develop because without that funding or without that support it is not possible for these companies to grow and expand and I suppose what we have seen over the course of the last 30, 40 years is that the banks have tried to get that understanding, tried to get that knowledge not just at the initial food producer at the farmer level but much more importantly at the food level and at the co-op and the corporate level to help those businesses develop and expand and I suppose conferences like today and one of the reasons that we're keen to be associated with today and why we're trying to support today is that it provides us with an opportunity and indeed everybody else here with the opportunity to try and understand, identify the trends in the marketplace, see where the industry is going and see where the business is looking to develop and then much more importantly see how we can help that and see how we can be in a position to assist that, to try and understand as Aidan is talking about there as to how important the sustainability issue is going to be to consumers to try and take some of the metrics or some of the measures that Josh is talking about there as to what consumers are looking for because so many of the producers and companies that we are looking at are looking to sell into those European markets, they're looking to sell into the multiples and they're looking to sell globally and it is equally important for us as bankers and in terms of helping to invest in those companies that we understand what is happening in the marketplace so that we can help identify the winners and much more importantly help identify those companies that we think are not necessarily on the right track and have those conversations and discussions with them. So as I said that is a key reason for our support here today. I suppose in looking and talking today to a group such as this it would be slightly remiss of me not to talk a bit about the Irish economy I think we got some stats there from Josh where he talked about where the consumer was and what the consumer was thinking. I think what we have seen is a very very seismic and dramatic fall in the Irish economy as we all know over the last number of years we're probably looking at a GDP back from about 187, 188 billion down to perhaps 156, 157 billion a fall in the GDP probably the region of 16 or 17 percent and that has been very difficult for consumers that has been very difficult for the country as a whole but we would be of the view and I think that has been has been endorsed perhaps by yesterday's ex-checker returns and we're beginning to see some of those green shoots that the economy if it is not quite turning it is certainly bumping along the bottom at present. We would like to have the optimism that it is turning we are certainly seeing certain sectors have improved and certain sectors looking very much towards the future but by and large there isn't the sustained all across the economy that that turn that we would like to see are that upturn but certainly there we are we are certainly at the bottoming outstage. I think if any of you had a read Brendan Keenan's article last week in the independent in the Thursday supplement Brendan tends to do a bit more of a reflective piece and he talked about the three things that were lacking for the economy at present the three C's we were looking for confidence we were looking for consumption and we were looking for credit. I think the key thing that is lacking is that confidence and I think it's interesting when you look at Josh's statistics that he puts up there about where the consumer sees themselves at present and by and large the consumer is hugely fearful. The average person out there the average Irish person is continually bombarded by these negative headlines is continuously being bombarded by threats of doom and gloom and as a result is saving itself and saving the economy further and further into recession this paradox of thrift that we call it we are now at the situation whereby in 2006 2007 the Irish consumer was saving about two or three cent of its after tax euro it's now saving the Irish consumer is saving about 15 or 16 cents so the savings ratio has pushed up to that 15 or 16 cent and that's for the 1.85 million people employed in the economy there's a huge talk about the unemployment level but there's still 1.85 million people employed in the economy and what we need to get is that we need to get that confidence back into the economy that confidence about the future and then we need to get people getting out there and spending and I think that that's absolutely key and vital to trying to regenerate this economy I think Michael Noonan was somewhat derided in the media by indicating I think it's about 10 days ago or 12 days ago that he wanted consumers to get out there and start spending but that is absolutely what we need the consumers to do I think there's been a lot of talk about the banking sector and where the banks are and there's still I suppose some details to be worked out but I think one of the things that can be clarified and will be clarified by the end of the month is that the banking sector will be will be fully recapitalized by the end of July and we will have one of the most one of the strongest if not the strongest capitalized banking sector in Europe I think we would believe the banks are being overcapitalized but what we do think is important is that the market both the consumer market and the international markets believe that we can draw a line under the banking situation and that the banking crisis in Ireland very expensive and all as it was and I'm not taking away from that point that the banking crisis in Ireland is now is now at an end I think what we can then do is we then turn to the overline the underlying economy and ask ourselves where we are going on the underlying economy and as we've seen yesterday with the Exchequer returns by and large the Exchequer returns are coming in on budget obviously some variations and that would happen in any business on a month-to-month basis but coming in on budget and therefore the plans which were which the government is looking for to reduce the deficit look at this juncture as if they're going to be met it also means that unlike perhaps some of our far eastern Mediterranean neighbors that we're going to get a big tick from the Troika when they come on their next visitor they're going to say hang on guys you guys are doing a good job you're doing all the things that you said you would do and that again will be a further boost for confidence the other area where we've got we have confidence and we should be continue to generate confidence is the manner in which our exporting sector is is holding not alone holding up but expanding and growing and as we have a balance of payments surplus and a current accounts surplus where we're in the situation where effectively we're exporting and generating more goods and services for the external market then we're importing and that the country is now on a sustainable basis that is hugely important to the long-term future of this country and that is something that that we as an Irish people can take great confidence in and hopefully can build on that's what the international markets when I when one is in London you're talking to investment banks and you're looking at how people are seen in Ireland the fact that we have a balance of payments surplus the fact that we have taken such a very strong force and strong measures and trying to internally devalue devalue and not being able to do while not being able to devalue the currency is being recognized and there is a very strong belief that as a result the Irish economy is in a much different situation to the Portuguese or to the Greek or indeed Italian or Spanish economy should they head down that that should they head down that path and when we look at the export sector and when we look at the key sectors that are doing well in Ireland the two major sectors that are doing well in Ireland are the export sector and the agricultural sector when we look across our book the two areas look across our lending book the two areas of the domestic economy so to speak that are doing much better than anywhere else are the export sector as I say which is growing probably about seven or eight percent on top of last year and the agri sector the agri sector has had a very impressive 2010 the agri sector in terms of the farming pure farming business and producer went into this downturn into this recession with relatively light debt loads perhaps having much more painful experiences in previous downturns are having much less certainty about the future but the agri sector went in with relatively light debt levels compared to the rest of the economy also has had an absolutely outstanding 2010 and I think Matt and the Farmers Journal have produced some stats or have reported on the CSO stats which would look at the farming sector incomes probably up about 28 or 29 percent on prior years now that's after a fall in 2009 I acknowledge but what we are seeing is that the agri sector is doing very well and has and has done very well and I suppose one of the core messages that we want to get out today not just here but in in general is that the Bank of Ireland is very much open for business and is very keen to lend there are lots of people who are in the media and other commentators who are saying the reverse and I at every opportunity I get we are determined to try and nail that on the head we have no shortage of money to lend to the Irish economy and we are very much open for business consumer and business applications are down over 30 percent here to date in terms of what we are seeing is a reluctance on businesses and people to invest in their businesses and we are seeing a reluctance for people to come forward with their ideas and that has led to its very very significant reduction in credit demand but much more importantly has also led to a deleveraging of businesses as businesses are paying down debt and indeed consumers are paying down debt as they are fearful for the future. One of the areas as I say where we have seen a growth we have seen a growth in the pure agri side on the lower level on the farmer level we have funded so far this year in the in the five months to date funded by seven thousand acres of land in relatively small lots for farmers which is about a 30 percent increase on last year's we're beginning to see farmers invest in their bit invest in their business probably in anticipation in the dairy side certainly of the abolition of quota levels and also with a bit more confidence about the future given the state of commodity prices and given the state of the markets. In terms of our book our book in Ireland in the business banking side where we call it business banking and agri we probably have about lines about one point four billion with only a billion drawn to the the farming side on our corporate banking side we are looking at a book now which in the corporate banking side we look at the larger food companies in the larger co-ops of over two billion which has grown almost threefold during the course of the last ten years so in terms of our emphasis and our expansion and our focus on that there's been a huge emphasis from the bank on that side with a view to trying to see how we can help that sector expand and grow and it's one of the indigenous sectors that can expand and grow and our corporate finance side as I've indicated has been involved in a large number of the track transactions initially on the agri side but more recently on the food side whether that's working with Tato foods or whether that's working with green core or others who are more looking on the food side as opposed to the pure the pure agri side in terms of the growth areas and I suppose what we've heard today there from from Aden and indeed from Josh there's there's trends coming down the track there's new things happening in the marketplace the consumer is changing the marketplace is continuing to be more internationalized and we need to get ready for that and I suppose there is but there's four things that we need to do I believe as a bank to try and assist that I think firstly we need to demonstrate our appetite I think secondly we need to reorganize our sector specialisms in the bank I think thirdly we need to expand and educate the marketplace about the existing products that are available and I suppose finally we need to try and identify what additional products we could make available for both farmers and indeed for the food industry in terms of a demonstration of our appetite I'm delighted to be in a position to announce today and we will be announcing at this conference the launch of an additional 200 million fund for the agri and food sector an additional lending fund for this year of an additional 200 million which we want to get out and get lent into the agri and food sector in 2011 we think that it's important to put a big number on that to demonstrate our commitment and what we are determined to do is to help farmers expand and grow we anticipate there could be investment of up to 500 million in the pure farmer side of the business in 2011 and we are prepared to try and support that to the tune of 200 million during the course of 2011 some of you may know we already have seed and venture capital funds out there which are directed towards the tech side and this is one of the things that we are going to talk about we've about 49 million of seed and venture capital funds which are developed at food science med tech ag tech whatever and that is an area which we are looking to expand and we run those in conjunction with enterprise Ireland and we will have additional an additional tranche of venture capital funding which we'll be announcing in the course of the next 10 or 15 days which again is directed at probably more the food science end of the business but is certainly directed at trying to demonstrate that we are keen to assist these new and innovative businesses get off the ground and direct and expand their operations and we have already advertised and are in the in the processes of appointing a new head of agri and food in the business bank for Bank of Ireland it's a role that we think given the importance with harvest 2020 and given the importance with the cap reform coming up and the new demands that they're going to be in the agri sector that we beef up and we staff up on that area and we will be appointing subject to finding the right candidate we're in the interview stage appointing a new head of agri and food over the course of the next four or five weeks as they these are our steps that we in the bank are taking to demonstrate our commitment and to try and demonstrate our willingness to assist and support this area of the Irish economy I suppose what the second area where I think we need to assist and we need to develop is that we need to relook at the way in which we organize our sector and our sector specialism in the bank I suppose we historically we would have had an agri sector we'd have had a tech sector we'd have had a software sector and increasingly what we're seeing is all these sectors are getting blurred and merged in together and this is why we find ourselves with clean tech and med tech and agri tech and food science and one of the key things that we are looking to do now is to reorganize the manner in which we approach that market because increasingly we are seeing the new business startups and their requests for innovation and their requests for finance are coming not from the traditional silos of individual business but they're coming from that merger and amalgamation of the different areas and that's the second thing that we are committed to doing in business banking and as I say with those seed funds which you have out there in conjunction with enterprise Ireland is looking at ways in which we can bring those seed funds and those seed tech funds to the agri and the food space because we do believe to try and capitalize on some of the issues and plans and ideas that are out there whether it's in terms of measuring carbon footprint and farms or whether it's in terms of perhaps getting new ways of having healthier foods or packaging associated with food there will be huge opportunities and we have plenty of graduates and plenty of innovators and entrepreneurs out there who will be looking to try and set up businesses to capitalize that and they are all spin-offs spin-offs from the agri and the food sector here in Ireland I suppose that the third thing that we need to do then is to look and expand the market and educate the market about the products that we that we have out there far too many of producers and far too many of the farmers are still looking at the single the current accounts the deposit account and the lending products as opposed to looking a bit wider of field particularly with expanding businesses at how they can use invoice discounting perhaps to grow and expand the business are indeed used trade finance products and the third area that we will be looking at looking to commit to the market is trying to see as to how we can educate that market around our products and how they can expand and utilize more innovative ways of financing their own trade and their own expansion and finally the last area which we are committed to doing and which I talked last night at a seminar with Matt is trying to identify new products for the sector particularly around the commodities risks that these businesses farmers and indeed for co-op businesses are agri businesses are carrying around the volatility which we're seeing in commodity prices both on the input and the output side and ways in which we can generate products and come up with products and ideas which will enable businesses to take some of that risk farmers and businesses to take some of the risk out of their sector and out of their own out of their own business so as I say I do believe that the agri sector and the food sector is vitally important it's in very good health at present in the Irish economy it has a huge benefit and huge role to play in the expansion and the return to growth of the Irish economy and we in the Bank of Ireland are absolutely committed to doing what we can to support that growth and the announcement of our funds here today is a major step in trying to demonstrate that commitment as indeed is our sponsorship of the conference today and I look forward to working with you all in the industry in the weeks and months ahead thank you very much