Irish farmers pay higher bank rates than EU neighbours

Irish farmers and other small and medium enterprises are paying substantially higher interest rates than their EU counterparts, according to the Irish Creamery Milk Suppliers Association (ICMSA).

John Comer, president, said farmers are paying almost €80m per year in additional interest charges, and this needs to be addressed.

Referring to loans and financing in the farm sector, he said the uncompetitiveness of Irish interest rates relative to EU counterparts is a clear market failure or abuse, or both.