AIB is encouraging farmers who may need cashflow support to contact their local branch following the prolonged period of difficult weather conditions.

Head of AIB’s agri, food and fishing team Donal Whelton said that the bank is well aware of the challenges that farmers are currently experiencing on farm and the impact that it has on cashflow.

“Some farmers are likely to require additional cashflow support to purchase fodder, with many more feeding higher levels of concentrates.

“In addition, some tillage farmers didn’t get to harvest crops last year because of poor weather conditions in the autumn and their inability to access land so far this year may impact the normal cashflow of their business.

"This unseasonal weather is also impacting our agri contracting customers, reducing their normal work season and opportunities,” he said.

Working capital

Whelton said the bank is encouraging farmers who may need support to quantify the level of working capital they require and make early contact with the bank to find an appropriate solution to their circumstances.

“We fully recognise the increased workload on farm and additional stress given the unseasonal wet weather and we will work with customers on a case-by-case basis, as experience has taught us that no one solution will suit all farms.

“We are also engaging with the agri industry on a regular basis including the National Fodder and Food Security Committee to advise of the supports we have in place for our agri customers,” he said.