Bank of Ireland launch €100m fodder crisis fund

Stock photo: Getty Images
Stock photo: Getty Images

Bank of Ireland has announced a designated €100m fund to support farmers who are facing a shortage of fodder and increased feed costs this year.

The bank has also launched a new ‘Agri Flex – Fodder Support Loan’ which has been specifically developed to respond to the needs of farmers impacted by the challenging weather conditions over the past year.

It provides farmers with extended repayment terms of up to three years, a discounted rate of 3.86pc, and is available up to March 31, 2019.

The new loan is available to farmers seeking finance for additional fodder, feed and fertiliser.

The extended repayment terms will help to ease cashflow pressures on those farmers used to repaying stocking loans usually within 12 months.

BOI head of agriculture Sean Farrell said: “Our new Agri Flex fodder loan has been created to support farmers who need a flexible solution at this time to assist with cash flow through this difficult period.

“The extended repayment term of up to three years, combined with a discounted rate, will support farmers in meeting additional costs and ease difficulties around cashflow.

“Farmers can also apply for interest only repayment options to support cash flow on the farm.

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“This has been one of the toughest years for farmers in many years and we would like to reassure farmers we are here to help and will be as supportive and flexible as we can.”

Meanwhile Agriculture Minister Michael Creed confirmed the introduction of temporary adjustments to the GLAS scheme for this year in response to the fodder shortages.

This comes after EU Agriculture Commissionmer Phil Hogan detailed measures that would allow farmers in the EU additonal flexibility.

Support includes higher advanced payments and derogations from some greening requirements

Ahead of today’s Oireachtais Joint Committee on Agriculture’s fodder meeting, Fianna Fail TD Jackie Cahill said that the introduction of low-cost loan schemes need to be prioritised.

Indo Farming

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