The total amount of debt in the agriculture industry in NI stood at £957m at the end of 2018, according to figures compiled by banking organisation UK Finance.

The level of debt on NI farms was down slightly from the £968m seen in September 2018, and is in line with December 2017 levels of £957m.

The most recent peak in debt levels in NI agriculture was in June 2016, when total borrowings hit £1,024m, mainly due to the downturn in prices across sectors and cashflow pressures on farms, particularly in the dairy sector.

Local bankers indicate that dairying was the most active sector for new borrowings last year, with farmers taking out loans for buying land and upgrading facilities.

Loans were also taken out for new pig and poultry units, but the level of borrowing on beef and sheep farms remained fairly static.

Figures from UK Finance also show that deposits in bank accounts in the NI agriculture industry stood at £450m in December, up from £375m in September 2018 and slightly less than the £456m seen in December 2017.

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