Banks expect higher feed bills and input costs to put some farmers under pressure as 2018 draws to a close.AIB reported that overdraft facilities were just 2% ahead of the same period last year, but acknowledged that higher on-farm costs had seen “an increase in requests for short-term cashflow support”.
Banks expect higher feed bills and input costs to put some farmers under pressure as 2018 draws to a close.
AIB reported that overdraft facilities were just 2% ahead of the same period last year, but acknowledged that higher on-farm costs had seen “an increase in requests for short-term cashflow support”.
They added that they had not encountered a significant number of farmers who were finding it difficult to repay longer term loans.
Dr Ailish Byrne, head of agriculture at Ulster Bank, said: “We are seeing the continued impact on feed bills of the extremely dry weather experienced during the summer.”
While Bank of Ireland stated that it had seen “strong” demand for its fodder support fund, Seán Farrell, head of agriculture at Bank of Ireland, said: “We anticipate continued demand into spring 2019 as farmers settle accounts with merchants, co-ops, contractors and other trade suppliers.”
All banks urged farmers to made contact with them if they were experiencing financial difficulties.
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