Banks have opened helplines and in some cases offered to suspend loan repayments, as the second extreme weather event of the year adds to
financial pressure on farmers.
Ulster Bank has reported that it expected to see a change in the use of credit facilities.
“With many farmers now feeding their final days of home sourced fodder, the sourcing of off-farm additional feed continues. Many of these bills are yet to be paid,” a spokesperson for Ulster Bank said, adding that the bank has established a €15m weather fund to support farmers.
ADVERTISEMENT
Bank of Ireland has also introduced a number of support measures, including the provision of short-term loans and the suspension of principal payments on existing loans.
Each bank urged customers to make contact if experiencing cashflow difficulties.
“What is unique about this year is that all farms have been affected – farmers on heavier land more so in the spring and farmers on drier type soils more so in recent weeks,” Tadhg Buckley, AIB head of agriculture, said.
Buckley said the bank has not seen an increase in the use of overdraft facilities but
expects this to change as additional summer feed and fodder bills reach letterboxes.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Banks have opened helplines and in some cases offered to suspend loan repayments, as the second extreme weather event of the year adds to
financial pressure on farmers.
Ulster Bank has reported that it expected to see a change in the use of credit facilities.
“With many farmers now feeding their final days of home sourced fodder, the sourcing of off-farm additional feed continues. Many of these bills are yet to be paid,” a spokesperson for Ulster Bank said, adding that the bank has established a €15m weather fund to support farmers.
Bank of Ireland has also introduced a number of support measures, including the provision of short-term loans and the suspension of principal payments on existing loans.
Each bank urged customers to make contact if experiencing cashflow difficulties.
“What is unique about this year is that all farms have been affected – farmers on heavier land more so in the spring and farmers on drier type soils more so in recent weeks,” Tadhg Buckley, AIB head of agriculture, said.
Buckley said the bank has not seen an increase in the use of overdraft facilities but
expects this to change as additional summer feed and fodder bills reach letterboxes.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS