Recently released figures from the CSO show that new lending to farmers increased 19% or €32m in the first quarter of 2017 compared with the same period last year. With a total of €201m of new money given in the first quarter, the amount advanced is up 60% on 2012 figures. The large increase in new lending in the past quarter has largely been driven by the €150m made available under the Government’s low-cost loan scheme launched in the end of January. There was huge demand for the loans due to the attractive 2.95% interest rate.
Recently released figures from the CSO show that new lending to farmers increased 19% or €32m in the first quarter of 2017 compared with the same period last year. With a total of €201m of new money given in the first quarter, the amount advanced is up 60% on 2012 figures.
The large increase in new lending in the past quarter has largely been driven by the €150m made available under the Government’s low-cost loan scheme launched in the end of January. There was huge demand for the loans due to the attractive 2.95% interest rate.
The CSO figures also show outstanding debt on Irish farms now stands at €3.15bn, a 4% increase on the previous quarter.
Outstanding debt on Irish farms is now down 30% (€1.3bn) since peaks hit in 2009.
The peak was driven by debt associated with farm waste management compliance and since then has seen a continual paydown.
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