The three main banking players, AIB, Ulster Bank and Bank of Ireland, were present and actively scouting for new farmer business at a breeding seminar in Tuam mart last week.
All three banks commented that they had funds available to farmers for land purchase, building, machinery and stocking loans. All officials commented on increased interest from farmers for land purchase. In terms of the ability of farmers to secure such loans, the size of the deposit required varies and can be up to 30%. However, repayment capacity continues to be the most important criteria.
Stocking loan uptake has been slow so far this year, but is seasonal and is expected to increase over the coming two months. In terms of machinery and tractor loans, all banks continue to be active for new custom with a low risk view being taken on most applications resulting in high approval rates.
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