Farmers urged to engage with banks if needed as 'fallout of weather will be long-term'

The ICMSA committee chairman pat O'Brien said that the wintering of animals and paying for the increased fodder used and replenishing stocks will be "crucial".

Farmers are being urged to engage early with banks if needed as one organisation warns that the "fallout of the extremely wet and lengthy winter will be long-term".

Speaking following meetings with two of the main banks - AIB and Bank of Ireland - Irish Creamery Milk Suppliers Association farm business chairman Pat O'Brien has advised farmers who are worried about their farm finances to seek help and advice.

“Obviously weather-related issues were one of the main topics of discussion at these meetings, but the credit facilities and associated interest rates available to farmers were also raised," Mr O'Brien said. 

"We are very conscious that there has to be a pathway for farmers to ‘farm their way out’ of cashflow difficulties and the banks will have to show consideration and support to those farmers when that’s required."

Fallout

The ICMSA committee chairman said that the wintering of animals and paying for the increased fodder used along with replenishing stocks will be "crucial".

"While it looks like weather conditions are improving this week, the fallout of the extremely wet and lengthy winter will be long-term and will require extra bank support in some cases," Mr O'Brien continued.

He said that the ICMSA has requested that the banks operate a ‘single point of contact’ so that farmers could explain their position "speedily and time-efficiently".

"Once the dust has settled on this long indoor housing period, farmers should engage with the financial services available to them and confidently secure the best product available," he added. 

"Banks for their part need to provide decisions quickly and apply competitive interest rates that will help farmers farm their way out of their difficulties."