“This survey confirms that contractors are the largest providers of interest-free and unsecured credit to Irish farming,” according to Richard White, national chair of the Association of Farm and Forestry Contractors in Ireland (FCI).
“Based on the Irish Farmers Journal survey, we estimate the debt levels to contractors are now in excess of €200m, of which over €60m is longer-term debt.”
“As the scale of farm operations have increased, especially on many dairy farms, so too has the level of indebtedness to many farm contractors,” said White.
“Irish banks don’t seem to understand the level of credit being carried by farm and forestry contractors in Ireland. We hear from FCI members of reports where banks are encouraging farmers to delay contractor payments. We are expected to provide the funding for farm expansion by pushing out the debt levels owed to contractors,” he said.
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“This survey confirms that contractors are the largest providers of interest-free and unsecured credit to Irish farming,” according to Richard White, national chair of the Association of Farm and Forestry Contractors in Ireland (FCI).
“Based on the Irish Farmers Journal survey, we estimate the debt levels to contractors are now in excess of €200m, of which over €60m is longer-term debt.”
“As the scale of farm operations have increased, especially on many dairy farms, so too has the level of indebtedness to many farm contractors,” said White.
“Irish banks don’t seem to understand the level of credit being carried by farm and forestry contractors in Ireland. We hear from FCI members of reports where banks are encouraging farmers to delay contractor payments. We are expected to provide the funding for farm expansion by pushing out the debt levels owed to contractors,” he said.
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