Banking Big 3 get €150m loans at 2.95%

AIB, Bank of Ireland and Ulster Bank will make €150mn available to farmers throughout Ireland at a 2.95% interest rate, in the Agriculture Cashflow Support Loan Scheme launched on Tuesday by Agriculture Minister Michael Creed.

The scheme will operate to September 30, or until it has been fully subscribed, if earlier.

Loans can be used for future working capital requirements (for example, feed, fertiliser, trading stock, tax, other costs); as an alternative to merchant credit, and to replenish working capital used up to December 31 , 2016.