Beef farmers’ penalty ‘to hit economy’

Ireland: Many beef farmers will owe money to the banks as a result of a €95 million penalty on their 2004 premium payments, the Joint Oireachtas Committee on Agriculture has been told.

Fine Gael agriculture and food spokesman Denis Naughten said the unjust penalties faced by beef farmers would directly impact on the price of weanlings and store cattle at the back end of the year.

“You just cannot take €95m out of the pockets of beef farmers without major repercussions on the rural economy,” he said.