According to the IFA a new central bank ruling would see the requirement for a land valuation to be carried out every two to three years, adding significant unnecessary cost to farmers.

Martin Stapleton, chair of the IFA national farm business committee, raised the issue of frequent land valuations at the Joint Oireachtas Committee on Business, Enterprise and Innovation on Tuesday 12 Decemer.

IFA understands that such valuations have now to be reviewed every two to three years

The committee theme was the cost of doing business, and the IFA made a representation on the costs involved in running a farm business, and the issues facing the future of farming.

Stapleton said: “IFA understands that such valuations have now to be reviewed every two to three years, and that valuations must be got from a list of auctioneers selected by the bank.

“This is adding a significant unnecessary cost to the finance being borrowed.”

Land is often used as a means of leverage to secure bank funding, and the new rule would only give farmers the option to choose an auctioneer from an approved list, provided by the bank.

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Land valuation ‘adding a significant unnecessary cost’

Frequent and repeated bank requirements for land valuations add unnecessary cost for farmers servicing bank loans, according to the IFA.