Banks need to be more flex­i­ble with loan costs

Wicklow People (Arklow) - - NEWS -

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 ham- mer 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.’

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