MATTERS

Bank of Ireland is consistently providing in excess of 50% of all new lending to Irish Agriculture Forestry has never been as attractive for farmers

WITH 4,375 farms, 33,000 suckler cows, 88,000 ewes and 8,000 dairy cows, agriculture is one of the Sligo’s most important economic activities. Joann Hosey, Head of County Sligo, Bank of Ireland advises that “Bank of Ireland has long established relationships with Sligo farmers and we believe that to do business with farmers we need to have a strong presence in rural communities through our branch network with branches in Sligo, Tubbercurry and Ballymote.

“We anticipate that there will be greater fluctuations in farm incomes in future and that the management of this volatility will be a key challenge for everyone involved in the agricultural industry, farmers, processors, input suppliers and bankers. Having a practical knowledge of all of our customers business is important to us so that we can understand and support their borrowing and cash flow needs.”

Commenting on the recent SBCI Agriculture Cashflow Support Loan Scheme, Joann Hosey advised that interest from Sligo farmers in the scheme has been exceptionally high. “We are currently processing the large volume of applications to finalise those borrowers for inclusion in the Scheme. We will continue to accept applications until March 31st, with applications currently being received up to that date being placed on a provisional list. One of the key insights that the Cashflow Support Loan Scheme has demonstrated is a strong level of demand for the refinance of capital expenditure incurred in recent years, and the Bank is currently reviewing how to respond to this particular need for applicants received before March 31st.” FORESTRY has never been as attractive for farmers. It offers a unique opportunity to earn a very substantial tax- free income from planting while continuing to claim your SFP on the planted land.

For farmers faced with challenging times ahead forestry provides an attractive enterprise as it contributes to the bottom line from the outset, while freeing up valuable time for other operations.

We at Green Belt Ltd would strongly advise farmers to consider planting part of their holding, as the combination of grant aid along with an annual tax- free premium are very attractive in the current economic climate.

An establishment grant is paid to cover the cost of planting while an annual premium of up to € 620 per ha is paid for 15 years.

Green Belt currently plant an average of 3,000 hectares of new forestry, build 20km of forest roads and harvest in excess of 80,000 tonnes of timber each year.

The company’s business encompasses all aspects of forest management. Forestry Establishment & Maintenance For Investors Who Want To Plant Land Full Management services at all stages of forest to maturity. Fire and reconstitution insurance Road Building Service Valuation and Marketing. Harvesting ( both thinning and clear- felling. With a three month waiting process for planting approval, and the planting season in full flow, now is the time for land owners to submit a planting application and apply for forestry approval. For a fee quotation without obligation why not contact your local Green Belt forester;

Hugo McCormack – Sligo, North Leitrim M: 086 259 2651 Sarah Standish – Sligo, Mayo M: 087 751 2125 Freephone 1800 200 233