ICSA: Waste management payments would help boost ailing banks

THE immediate payment of the farm waste management grants would effectively represent a significant recapitalisation of the main banks, the Irish Cattle and Sheep Farmers Association claimed yesterday.

Malcolm Thompson, ICSA president, said most of the 17,000 farmers who are owed money arising from works completed under the scheme have had to borrow substantially to fund the work. “In most cases, as soon as the farmer gets the grant, the money will be given directly to the bank,” he said

Mr Thompson said there is a potential €500 million in grants outstanding. Farmers borrowed this money to complete building projects.