Mac Sharry condemns Banks as farming families starved of credit
FIANNA Fáil TD for Sligo- Leitrim Marc Mac Sharry has launched a scathing attack on the banks for what he calls the “blatant neglect and abandonment of the farming community”.
Deputy Mac Sharry explained, “Access to credit is essential for any business to survive. This is even more critical for farming families who remain at the mercy of a changeable and insecure cycle of farm supports and a highly volatile market.
“At this time of year, the additional costs of farm contracting for silage and hay, fertilizer and other seasonal expenses are putting farmers under increased pressure and urgent action is required. Following the abolition of milk quotas the pillar banks were to the fore in announcing a policy of support for the dairy and wider farming sector. This did not happen. Now that the credit is badly needed a prohibitive underwriting approach by the banks is starving farming families of the financial support required for their very survival.
“As we look towards the traditional ‘ back end’ of the year a crisis is almost inevitable, with additional market access needed given larger heard numbers, the price of milk being below the cost of production and the Government unwilling to enhance supports.
“There is an urgent need for a strategic plan to open new markets, eliminate BSE era age and other restrictions in existing markets; and enhance market supports to offset the need for dairy farmers to produce milk for less than the cost of production.
“The health of our economy as a whole is dependent on the success of farming families in food production. Without access to credit at reasonable rates this will not be possible and all of Ireland will suffer. Minister Creed must take appropriate action now. October is too late.”