Creditors are queuing up for payment from farmers following the Basic Payment Scheme (BPS) 70% advance.

To date, 110,500 farmers have received over €722m, with a further €177m paid out under the ANC (disadvantaged area) scheme.

The money has rarely been so welcome – low prices and poor weather have seen cashflow at its tightest since at least 2009.

Suppliers' bills mounting

Bills have been mounting with merchants, fuel suppliers, and above all contractors in recent months – some have hung over since 2015. Creditors have been active in recent days collecting payments from farmers.

On top of this, tax bills fall due at the end of the month, so many farmers will have spent all their direct payment money in less than a fortnight. “The banks and the taxman are first to be paid,” said one contractor, “while the flow of money around rural Ireland has slowed to a trickle.”

A key barometer will be the price of weanlings, store cattle and store lambs in the next couple of weeks. Prices usually receive a boost following the first tranche of direct payments. The remaining 30% of BPS due will follow in early December, as will GLAS I and II payments, with 16,000 BPS and 14,000 ANC recipients due to be cleared for payment in the weeks ahead.

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