Dairy farmers and co-ops to source loans from overseas banks

DAIRY farmers and the Irish co-ops have come up with a joint plan to agree competitive loans with Rabobank, a leading US bank and other overseas lenders.

The Irish Creamery and Milk Suppliers Association (ICMSA) and executives from Kerry Co-op, the West Cork co-ops, Glanbia, Dairygold and Arrabawn agreed upon this collective credit scheme at a meeting in Horse and Jockey, Co Tipperary.

Under the plan, the co-ops will manage the scheme, deducting bank repayments at source from the farmers’ monthly milk cheques. Rabobank runs a similar loan scheme with the Dutch co-ops.