The SBCI and the three pillar banks – Bank of Ireland, Ulster Bank and AIB – are to appear at the Oireachtas Agriculture Committee’s next meeting on 2 May.

The banks have been criticised for how the €150m low-interest loan scheme was administered, with tillage farmers in particular claiming their applications were delayed by demands for supplementary paperwork , in some cases until the scheme had been fully allocated.

The Strategic Banking Corporation of Ireland underpins the scheme, funded by €25m of funds from Government and Brussels.

According to Cork senator Tim Lombard: “Farmers are reporting that the spirit of the scheme wasn’t delivered by the banks in how they dealt with some applicants.”

Committee chair Pat Deering highlighted that, despite its teething problems, the uptake of the scheme suggests the thrust of the scheme is worthwhile, and that it may be worth looking at whether further funding could be put in place to extend or reopen the scheme.

He also said that it shows a need for finance on farms, and that the banks need to step up and make affordable credit available to the farm sector, which has such a good track record of loan repayment.

“The banks will account for their administration of the scheme,” the committee chair said.