McEntee urges farmers to avail of loan facilities to cope with fodder shortages

Fine Gael Meath East TD, Helen McEntee, has today (Thursday) urged farmers in Meath to avail of short term loan facilities being made available by the banks and Co-ops to deal with the fodder crisis. Deputy McEntee was speaking after the Minister for Agriculture, Simon Coveney TD, discussed the problems facing farmers with the three pillar banks and a number of Co-Ops.

“Farmers in Meath and across the country are facing considerable difficulties at the moment due to the shortage in fodder, following on from the bad weather last summer. Minister Coveney is acutely aware of this situation, and as a result he has held discussions with the three main banks and a number of Co-Ops to ensure they are making sufficient credit available to farmers to deal with the problem.

“Ulster Bank, AIB and Bank of Ireland have extra credit facilities in place for farmers, such as increased overdrafts and short term low interest loans. However, these facilities are being under-utilised. For example, Bank of Ireland says that while there has been a 15% increase in requests for increased overdrafts from farmers, this is much less than the increases requested by other small business sectors.

“The banks have assured Minister Coveney that they want to facilitate farmers as customers, and it is clear that the farming community needs help to deal with the fodder crisis. Co-Ops have also made at least €25 million in additional credit facilities available for farmers. I am encouraging farmers to avail of these facilities. Food prices are expected to be good over the coming season, and as a result farmers have a good prospect of being able to repay these short term low interest loans.

“The Minister and his Department are continuing to monitor this situation on a daily basis and the Minister is due to meet the banks in the coming week to continue these discussions. I am urging any farmers in difficulties to contact their bank or local Co-Op to get the extra assistance they need.”