Sign in to your account
Forgot / Reset Password? Click here
Not registered with Farmers Journal? Register now to read 7 Member articles for FREE
Or

To redeem your unique loyalty code from the print edition click HERE
Just one final step...
You must confirm your email address by clicking on the link we’ve sent to your email address.
You are only one short step away from reading...
€54m of Bank of Ireland cheap loans drawn down
Register below to read seven Member articles
for free per month.
Or to redeem your unique loyalty code
from the print edition click HERE
Only takes a second!
Already registered with Farmers Journal? Sign in
By registering an account you agree to our Privacy Policy and Terms of Service.
code

€54m of Bank of Ireland cheap loans drawn down

By on
Some 82% of all Bank of Ireland loans under the 2.95% low interest rate loan scheme have now been drawn down, the bank has confirmed.
Some 82% of all Bank of Ireland loans under the 2.95% low interest rate loan scheme have now been drawn down, the bank has confirmed.

Of the €65m allocated to Bank of Ireland under the €150m loan scheme, €54m has now been drawn down by farmers.

Bank of Ireland had the largest allocation of funds of the three participating banks in the scheme; Ulster Bank and AIB were the other two banks involved.

Bank of Ireland confirmed that the average loan is just under €30,000, with average term of almost three years. The maximum that a farmer could draw down was €150,000 for no longer than six years.

“The bank is reporting significant progress in getting funding to its farming customers,” John Fitzgerald, acting head of agriculture at the bank said.

Fitzgerald confirmed that the most amount of loans have been drawn down by the beef sector.

“The average loan value drawn under the scheme is €29,000 and the average loan term is 34 months. Forty-four percent of the loans issued by Bank of Ireland were for terms of greater than four years. Fifty-six percent of all funds drawn by customers to date have been to the beef sector, where the funding is typically used to finance the purchase of trading stock,” Fitzgerald said.

Background

The low interest rate agri cashflow fund was developed by the Department of Agriculture in partnership with the Strategic Banking Corporation of Ireland (SBCI).

The loan scheme was announced in last year’s budget and more than €4.2m per day.

In May, the Department of Agriculture confirmed that 42% of loan values had been applied to by dairy enterprises, 41% by beef and 8% by tillage. The sheep, pigs and horticulture sectors made up the rest.

Read more

Cheap loans scheme: what you need to know

Related tags
Related Stories
2500 sheets of waterproof chipboard. Ideal for anybody looking to lay a floor. B...
Have you got an object at home of historical or cultural importance? A new socia...
Stone tunneling single pass system, 450mm deep x 170mm wide drains....
Planning permission & Retention 10 years experience reference available. Call A...
Experienced operators, references available. Call for details....