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Dairy farmers are leading a nationwide investment surge on the back of improving milk prices.
Bigger milk cheques are being invested in parlour upgrades, slurry storage, reseeding and roadways.
Ireland’s three pillar banks say all sectors of agriculture are steadily investing and repaying debt.
Demand for milking equipment is up significantly this year, with a number of milking machine and robot suppliers reporting increases in sales, some up as much as 50%.
AIB, Bank of Ireland and Ulster Bank all report steady seasonal investment in tillage, beef, pig and poultry, with Anne Finnegan of AIB adding: “Farmers are paying down debt at a higher rate than they’re taking it on.”
Listen to an interview with Anne Finnegan in our podcast below:
The Targeted Agricultural Modernisation Scheme (TAMS II) is helping, with grants of 40% on farm equipment. Figures from the Department show 13,500 TAMS II applications have been received.
More than €7.3m has been paid out to more than 500 farmers so far.
Farmers are also ploughing money into their land, with Dave Barry of Goldcrop predicting the area reseeded this autumn to be much higher than the past two years.
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