Farmers and agribusiness drew down €577m worth of new loans in 2013, the Central Bank of Ireland (CBI) has confirmed. This represents 25% of the entire €2.3bn of new loans provided to non-financial enterprises in 2013.

Investments in the dairy, pig and poultry sectors have been given as the reasons for such high levels of investment.

As well lending to the sector, average agricultural incomes have also increased. The CBI say that incomes in the sector increased by 2% in 2013. This is largely on par with other income estimates produced by both the IFA and Teagasc. The Central Bank said the fodder and weather problems in 2013 had a negative impact on incomes in late spring.

Research carried out by the Irish Farmers Journal has indicated that of the three main banks in the country, Bank of Ireland (BOI) represents the largest share of new lending to the agri sector. The bank said it issued approximately 50%of all new agri loans. AIB is second on 30%, followed by Ulster Bank on 25%. While this tallies 105%, the health warning is that some farmers would have loans with more than one bank.