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Friday 20 July 2018

Ulster Bank announces special €15m Weather Fund for farmers

Fund is available to both existing and new farming customers residing in the Republic of Ireland. Photo: PA
Fund is available to both existing and new farming customers residing in the Republic of Ireland. Photo: PA
Ciaran Moran

Ciaran Moran

Ulster Bank has announced that it is allocating €15 million through its Weather Agri Fund to support farmers as they face continued challenges due to adverse weather conditions.

Applications for this fund will be available from Monday July 16 until the December 31 2018 or until the fund is fully subscribed.

From the flood and storm damage earlier this year, through the snowfall of Storm Emma to the current drought-like conditions, adverse weather has led to issues such as higher feed costs, reduced output and severe fodder shortages across the country.

Ulster Bank said it has responded to this by announcing the allocation of €15 million, which is available to both existing and new customers, and is designed to alleviate pressure on farmers’ cash flow.

Dr. Ailish Byrne, Head of Agriculture, at Ulster Bank said the bank understands the set of conditions that farmers now face, and the building pressures on cashflow.

"We work with farmers up and down the country day in day out, and we have heard first-hand accounts of the cumulative effect of a long winter, a very short spring and an unprecedented dry spell, that still shows no sign of an immediate end.

“Financial planning can help to a certain degree, but in circumstances such as these, it is right that we look for ways to assist farming customers. 

"We are today announcing a designated fund of €15 million, which we hope will ease some of the burden placed on farmers during these really challenging times, and allow them to get on with the business of running their farm.”

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Ulster Bank’s Weather Agri Fund is for business purposes only and is available to both existing and new farming customers residing in the Republic of Ireland.

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