| Speaking on the final day of the Ploughing Championships in Athy, Co Kildare, IFA President John Bryan said the main banks need to get back to business in providing competitive loans to farmers and agri-business if we are to capitalise fully on the growth potential for the sector. He said, “very significant on-farm investment in buildings and stock will be required over the next few years. From talking to farmers here over the last three days, there is deep concern that the banks are increasing rates and charges on existing loans, and failing to show enough interest in financing the planned expansion, especially among committed young farmers.” Mr Bryan said the agri-business sector will also require major banking support in building additional processing capacity and funding the working capital required for the increased output, particularly in the dairy and meat sectors. John Bryan said he would initiate a series of meetings with the heads of the main banks over the coming weeks to highlight these concerns and ensure that the banking sector comes up to the mark in making finance available. Concluding, the IFA President said there is widespread anger among farmers that the banking fiasco continues and is going to cost the country so dearly. “It’s time the authorities investigating the causes of this catastrophic mess took action and held those responsible to account.” |
Friday, 24 September 2010 13:36