Sunday 17 December 2017

Farmers told No will lead to interest hike

FARMERS were told yesterday that a No vote could see their interest payments on borrowings for land and machinery increase.

The Irish Farmers' Association (IFA) is calling on all its members to vote Yes in the fiscal treaty referendum, saying it is in the best interests of farm families.

IFA president John Bryan said a Yes vote would allow farmers to continue to borrow money from the banks at a stable rate.

"A No vote won't collapse the euro but it certainly, from an Irish point of view, will drive interest rates up.

"A lot of farmers have substantial borrowings that they have invested in their business and a 2pc, 3pc, 4pc rise in interest rates would have a devastating effect," he said.

Irish Independent

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