Fianna Fail doesn't want banks involved in new low-cost farmer loan fund
Published 03/11/2016 | 07:00
Fianna Fail has voiced its opposition to the involvement of the pillar banks in the Government’s new low-cost agri loan scheme.
Under the new scheme, the Strategic Banking Corporation of Ireland will put out a call for partners to deliver the scheme. The Minister for Agriculture Michael Creed has said that he has spoken to Bank of Ireland, AIB, and Ulster Bank to date.
However, Fianna Fail Agriculture Spokesperson, Charlie McConalogue has been critical of the Minster's handling of the scheme to date.
In a recent Dail debate he said there is a real dearth of detail on the start date and the criteria that will be in place for farmers who apply.
“I note the extent of the income pressure on farmers in the past week. We see it in beef and tillage at the moment and have seen it in the past year in the dairy sector and the mushroom sector.
“The Minister said early 2017. We will hold the Minister to the early January 2017 date.
“It is much too late, however, because action is needed now. There is a real crisis in incomes across the farming sector and the support is not there for it as we speak.
McConalogue also said that the Minister has also failed to provide detail today on the exact criteria to be met in order to apply for these loans. Will people be able to refinance existing loans?