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IFA advice: don't gamble with the farm

IFA

By Martin Ryan
USING arms as collateral to borrow for off-farm investment has got the thumbs-down from the Irish Farmers Association.

It's a route you may regret later, IFA's new spokesman on farm business told farmers at a Limerick IFA meeting.

Co Meath farmer Eddie Downey, National Chairman of the IFA Farm Business Services and Inputs Committee, described the property market as "a house of cards waiting to collapse at the first crack", when he cautioned farmers against using their farms as security.

He said, "I have recently read an account of the Wall Street Crash. If you changed the dates in the article, what we are experiencing is an identikit of the Wall Street crash - building on borrowings and confidence."

He said that there has been a big increase in borrowings by farmers and it suggested that some of this money is going into off-farm investment in property.

He urged farmers to consider prudent investment in their own farms, where there was still scope for investment in time-saving improvements, which could benefit them, and should be their first priority, because there was greater certainty of getting return for their money.

 

IFA advice: don't gamble with the farm

IFA

By Martin Ryan
USING arms as collateral to borrow for off-farm investment has got the thumbs-down from the Irish Farmers Association.

It's a route you may regret later, IFA's new spokesman on farm business told farmers at a Limerick IFA meeting.

Co Meath farmer Eddie Downey, National Chairman of the IFA Farm Business Services and Inputs Committee, described the property market as "a house of cards waiting to collapse at the first crack", when he cautioned farmers against using their farms as security.

He said, "I have recently read an account of the Wall Street Crash. If you changed the dates in the article, what we are experiencing is an identikit of the Wall Street crash - building on borrowings and confidence."

He said that there has been a big increase in borrowings by farmers and it suggested that some of this money is going into off-farm investment in property.

He urged farmers to consider prudent investment in their own farms, where there was still scope for investment in time-saving improvements, which could benefit them, and should be their first priority, because there was greater certainty of getting return for their money.

 

IFA advice: don't gamble with the farm

IFA

By Martin Ryan
USING arms as collateral to borrow for off-farm investment has got the thumbs-down from the Irish Farmers Association.

It's a route you may regret later, IFA's new spokesman on farm business told farmers at a Limerick IFA meeting.

Co Meath farmer Eddie Downey, National Chairman of the IFA Farm Business Services and Inputs Committee, described the property market as "a house of cards waiting to collapse at the first crack", when he cautioned farmers against using their farms as security.

He said, "I have recently read an account of the Wall Street Crash. If you changed the dates in the article, what we are experiencing is an identikit of the Wall Street crash - building on borrowings and confidence."

He said that there has been a big increase in borrowings by farmers and it suggested that some of this money is going into off-farm investment in property.

He urged farmers to consider prudent investment in their own farms, where there was still scope for investment in time-saving improvements, which could benefit them, and should be their first priority, because there was greater certainty of getting return for their money.