McGrath won the award for his interview and farm business plan which focused on converting from a suckler enterprise to a spring calving dairy herd.

Investment has already started on the farm and Damien now plans to milk 64 cows in 2016, progressively increasing to 84 cows by 2020.

Patrick Butterly Agri Advisor at AIB said the initiative "places a strong emphasis on farm planning and financial planning, both key skills necessary for effective management in today's environment.

"We have been impressed by the quality and standard of farm plans and by the confidence of the students we met today and indeed at each of the Agricultural Colleges."

Seven students competed for the All-Ireland award, after each had won their individual college award.

Along with overall winner Damien McGrath, the finalists were Craig Barkley (Greenmount College), Martin Healy (Kildalton College), Bryan Moore (Clonakilty College), Louise Crowley (Pallaskenry College), John Delaney (Gurteen College) and Darren McGourty (Ballyhaise College), all of whom were presented with their individual college awards on the day.

In thanking AIB for their continued sponsorship of this award, Frank Murphy, Teagasc Curriculum Development and Standards Manager highlighted the emphasis Teagasc place on farm planning in their education programmes.

“While the removal of milk quotas and other reforms of EU policy have opened up many opportunities," he said, "the need for thorough planning was never greater as the speed of change and the volatility of world markets is realised.

"In essence, planning is bringing the future into the present so that you can do something about it. This farm business planning competition will help Teagasc students gain a better insight into the importance farm planning process.”