The bankers who are owed the best part of €300 million (£236 million) by Glanbia plc, not to mention Glanbia's longsuffering non-farmer shareholders, must be bemused by Glanbia Co-op's new share plan, aimed at eliminating its €31 million debt over the next five years.

The Glanbia Co-op share plans put Charlie McCreevy's special savings plan accounts in the ha'penny place, but sadly this plan is confined to Glanbia milk suppliers and employees.

From April onwards, Glanbia milk suppliers will get one unit of convertible loan stock as part of the milk price per gallon. In five years, the accumulated loan stock will be converted to a special class of shares where they will get a one-for-two bonus. This is effectively a 50 per cent return.

This compares nicely with the best SSIA on the market. Glanbia staff can do the same by way of payroll contributions and will get the same bonus.

The co-op will fund the repurchase of the new shares from the dividends it gets from the plc, where it owns almost 55 per cent of the equity.