Banks urged to see past superlevyfine and invest in dairy expansion

Banks need to see beyond Irish dairy’s €16m superlevy fine and the sector’s weather-induced profit hits, and invest in the expansion plans of Irish dairy farmers, says one leading milk sector analyst.

IFA dairy chairman Kevin Kiersey said the EU’s confirmation of the €16m superlevy fine for Irish dairy farmers’ 60,000 tonnes to the end of March simply highlights the plight facing the sector this year.

He said this “massive cost” follows a series of hefty bills this year, including extra animal feed due to foul weather. He said the banks can play a key role in alleviating the sector’s present pressures.