We’ll stand by you during the hard times, banks tell farmers
IFA president Eddie Downey said the banks had pledged to provide the same level of working capital in the form of stocking loans and overdraft facilities in 2014, as in previous years.
“The IFA has recently met with the main banks and has outlined to them the difficulties facing farmers this year in the beef, tillage and potato sectors, in particular.
“The banks have assured us they will continue to support farmers and will provide the required credit facilities, whether overdrafts, stocking loans or longer- term loans, for their enterprises this autumn,” he said. Mr Downey added that this was an important, positive message to livestock farmers as they enter the autumn sales and should help to restore confidence.
“The IFA urges farmers to act promptly and make their bank aware if they are under or may be coming under cash-flow pressures,” he said. On the livestock side, IFA Farm Business chairman Tom Doyle and Livestock chairman Henry Burns recently met with the ICOS Marts to discuss credit facilities and other issues.
Mr Doyle said the IFA was in full agreement with the marts on the importance of the banks supporting farmers’ livestock purchases this year.
