Banks need to be more flexible with loan costs
THE Government and financial institutions came in for stinging criticism from the IFA last week.
Speaking to the National Council President of the IFA Joe Healy was highly critical of Minister for Agriculture, Michael Creed, and his failure to introduce low cost loans.
‘While the Minister has introduced a number of measures farmers cannot understand how the low-cost loans have yet to be introduced. This was announced in the Budget almost 12 months ago, yet it has not happened, The need for the loans was never greater given the financial impact of the weather since last Spring.’
Mr Healy said that all the main banks will have to display much more flexibility to support their farmer customers out beyond this winter and into next year.
‘The cost of borrowing is simply too high for farmers who have suffered a number of hammer blows this year. We expect the Oireachtas Committee on Agriculture to raise this with the banks also.’
He also said that the IFA hoped to see Minister Creed implement a number of suggestions they had made in advance of Budget 2019.
‘The underlying incomes issue has been exacerbated by the extreme conditions. Farm families who are struggling will be looking to the Budget to provide them with support.’