Principal payments on existing loans will be suspended and short-term loans will be provided by Bank of Ireland to help farmers cope with drought conditions.
The move is part of a drought support package that will be provided by the bank to support farmers as weather conditions lead to issues for all farming sectors.
The bank support will include:
Working capital available through extensions / temporary increases to overdraft facilities.Provision of short-term working capital loans.Suspension of principal payments on existing loans to ease cashflow.Support line - 1890 365 222 from 8am to 8pm Monday to Friday.Grass growth has slowed to half its normal rate for the same period last year and many farmers have had to start feeding first-cut silage to stock.
“Currently, the average overdraft utilisation remains at normal levels for this time of year, with less than 25% of overdraft limits typically in use by farmers,” said head of agriculture at Bank of Ireland Sean Farrell.
“However, it is important that we are supporting farmers who require it, with a level of flexibility which can assist with their cashflow through difficult periods.
“These conditions haven’t been experienced in decades and we would encourage farmers to come and talk to us via their local business manager or call us on 1890 365 222 from 8am to 8pm Monday to Friday.”
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Principal payments on existing loans will be suspended and short-term loans will be provided by Bank of Ireland to help farmers cope with drought conditions.
The move is part of a drought support package that will be provided by the bank to support farmers as weather conditions lead to issues for all farming sectors.
The bank support will include:
Working capital available through extensions / temporary increases to overdraft facilities.Provision of short-term working capital loans.Suspension of principal payments on existing loans to ease cashflow.Support line - 1890 365 222 from 8am to 8pm Monday to Friday.Grass growth has slowed to half its normal rate for the same period last year and many farmers have had to start feeding first-cut silage to stock.
“Currently, the average overdraft utilisation remains at normal levels for this time of year, with less than 25% of overdraft limits typically in use by farmers,” said head of agriculture at Bank of Ireland Sean Farrell.
“However, it is important that we are supporting farmers who require it, with a level of flexibility which can assist with their cashflow through difficult periods.
“These conditions haven’t been experienced in decades and we would encourage farmers to come and talk to us via their local business manager or call us on 1890 365 222 from 8am to 8pm Monday to Friday.”
Read more
€1m minimum threshold for Climate Action Fund projects
Legal query: I'm owed money from a mart that's in liquidation
Weekly weather: drought conditions to worsen
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