Coveney urges farmers to avail of loan facilities

Simon Coveney, the agriculture minister, has urged financially- stretched farmers to avail of low interest bank loans until they get autumn single farm payments.

Ruling out suggestions that every farmer should get an advance of €1,000 on autumn direct payments, he said: “The reason we have a banking system is to assist farmers get over that problem. I have had discussions with senior bank officials. The banks are willing to put in place short-term loans with low interest rates in respect of which there is no re-payment requirement until single farm payments are received.”

“Cash flow issues can be resolved by way of the credit facilities available in co-operatives and through banking facilities in place for farmers with the capacity to repay, which includes most of them.”