Macra boss calls for new financial institution to provide credit lines

THE setting up of a new financial institution to provide credit lines was sought by Macra na Feirme president Michael Gowing in his inaugural address at the weekend.

Mr Gowing said the Government has poured vast amounts of money into existing institutions, on the promise of securing credit lines for the struggling economy.

But to date these credit lines remain closed to ordinary people, he told Macra’s AGM at Woodenbridge, Co Wicklow.

Mr Gowing said in the past agriculture had difficulties in securing insurance for its enterprises. Out of this necessity FBD Insurance was born.

“It has gone on to become a major market player, while never forgetting its roots.

“Looking at our financial institutions, we can see how they are failing to live up to their endless promises. This can no longer be tolerated.

“There is a genuine need for credit lines and a new financial institution now appears to be the only option left. Such an institution would have to deliver for the rural people of Ireland, particularly the younger generation – the innocent bystanders to the current mess.

“This may appear to be radical for some, but our needs have never been so great. This concept must be explored and not left sitting on the ideas shelf,” he said.

Mr Gowing, a 30-year- old dairy and beef farmer from Portlaoise, said Macra over the years had played its part in ensuring the lives of those living in rural Ireland was ever improving.

Ireland has changed dramatically through the decades but once again difficult times are at the door, he said.

“Our elected representatives have promised much in recent times, but delivered little other than increasing the burden on those that

Mr Gowing said the young people of rural Ireland know they are not the cause of the country’s current troubles.

“But the Government is continuously penalising them and supporting the big players,” he said,