Three product offerings were launched by the SBCI on Thursday, including an agriculture investment loan package.

AIB and Bank of Ireland are partnering with the bank in the new programme, with loans available from 9 March.

Farmers can apply for funding of €5m for between 2 and 10 years to invest in improvements and agricultural products. Loans from AIB has a discounted interest rate of 4.5%.

IFA President Eddie Downey welcomed the loans, though he said the farming sector would be looking for a number of conditions.

“Specifically, farmers expect the loans to be flexible, allow for ease of access, offer lower rates than that currently available and be in a position to cater for variable scales of investment on farms," he said.

"Significant investment is planned on farms with the abolition of milk quota and the rollout of the RDP TAMS programme. It is expected that there will be strong demand from the farming sector for matching funding via the banking system over the coming years."