Total levels of both debt and bank deposits in NI farming have been stable over the past 12 months, according to the latest figures published by the trade association of UK banks.

The data from UK Finance shows that at the end of June 2024, total borrowings by NI farmers stood at £966m, which compares to £961m at the same point in 2023.

The figures cover bank loans and overdrafts only, so the likes of asset finance and merchant credit are not included.

There were 574 applications for new bank loans by NI farmers in the second quarter of the year, which is similar to 568 applications from April to June 2023.

Bank balances are also steady within NI farming with the latest figures showing total deposits stood at £578m mid-way through 2024. This compares to total deposits of £567m at the end of June last year.

Cormac McKervey from Ulster Bank said there are no significant issues with cashflow or overdrafts on most farms at present.

“Overall, in the short term there are no major concerns given farm gate prices are holding up and input costs have moved downwards,” he said.