The IFA is calling on banks to introduce a raft of measures to help farmers deal with the economic impact of COVID-19.
The organisation's president Tim Cullinan said it simply wasn’t enough for banks to extend overdraft facilities “when rates are as high as 8%”.
He was critical of the banks and said that farmers and agribusinesses are facing significant short-term challenges in the coming weeks.
Difficult period
“It’s critical that banks inject additional cash at low rates into the system to maintain liquidity. The banks must provide farm families with the leeway to get through this extremely difficult period,” Cullinan said.
Banks have already announced that customers, including farmers, can avail of mortgage breaks and other facilities.
However, IFA farm business chair Rosemary McDonagh proposed a number of measures that include: