Farmers in various systems will have access to the €100m Brexit beef compensation scheme funded by the EU and the Government, Minister for Agriculture Michael Creed told the Joe Finnegan show on Shannonside Northern Sound radio this Thursday.

He added that the scheme would be "just for farmers" and factories would not have access to it.

"They won’t, full stop," he insisted.

I can assure you that the €100m will be for those farmers and not for the factories

"I’m not aware of any factory that has suffered," Minister Creed said.

"I’m aware of farmers and finishers and sucklers that have, and I can assure you that the €100m will be for those farmers and not for the factories."

Once the Government receives the terms and conditions for the use of the €50m contributed by the EU, the Minister said he would consult with the farm organisations to design the scheme and open applications to farmers as soon as possible after that.

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The minister said factories would not have access to the Brexit compensation scheme under preparation.