Farming

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BoI ramps up lending

Bank of Ireland claims that it is approving loans to buy up to 400ac of land every week, as it ramps up its lending to farming.

Fifteen new managers will be hired before the end of the year, with the bank looking to maintain its 50pc share of new lending in the agriculture sector. It says that land acquisition, farm buildings and increased stocking requirements are the main drivers of growth.

The bank's head of agriculture, Sean Farrell, said that loan approvals for the first half of 2014 were up 16pc, with an overall approval rate of almost 90pc.

Indo Farming