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ICOS President, Martin Keane, expressed his disappointment at the decision by the UK electorate to seek to leave the EU.

“Ireland, and the Irish Agricultural sector are particularly dependent on the UK market, and the UK is our largest single trading partner,” he said.

“We are now facing two challenges; we must deal with the immediate uncertainty in currency and other markets, and we must then apply ourselves to securing the most positive post Brexit arrangements possible.”

“We need Central banks to bring some stability to currency markets, and we all need to work with the Government and other authorities during the transition period, which will last a number of years.”

“Panic or over reaction is not an appropriate response to this new reality; there is a job of work to be done, which will require the combined focus and effort of Government and industry,” said Martin Keane.