IFA: Farmers and small business hit while bank costs remain high

THE Irish Farmers’ Association yesterday accused the banks of doing nothing to cut their own costs while farmers and other small business borrowers are bearing the brunt of the credit crisis.

Padraig Walshe, IFA president, said there has been considerable public debate about a rise in mortgage interest rates.

But most of the banks have variable mortgage rates under 2.75%, much lower than the general loan rates to farmers and other small businesses.