Bank of Ireland announces drought support measures for farmers

With dry weather conditions set to continue, Bank of Ireland has announced details of a Drought Support Package to assist impacted farmers.

Weather conditions are leading to significant issues for both cereal growers and livestock farmers; some may require support and flexibility in current arrangements to purchase extra feed and maintain adequate cash flow on their farms.

Bank of Ireland announced a number of options included in its Drought Support Package.

These options include:
  • Working capital available through extensions / temporary increases to overdraft facilities;
  • Provision of short-term working capital loans;
  • Suspension of principal payments on existing loans to ease cash flow; and
  • A support line on: 1890-365-222 from 8:00am to 8:00pm, Monday to Friday.

Speaking about the Drought Support Package, Sean Farrell – head of agriculture at Bank of Ireland – said: “Farmers across Ireland are continuing to suffer from an extended period of drought and we understand the profound impact this is having on their businesses.

“Grass growth is severely impacted – and even if rainfall arrives in the coming days, it will be some time before grass growth recovers to adequate levels.

“Many farmers have not endured such conditions before and we would like to reassure them that we will be as supportive and flexible as we possibly can,” he said.

Currently, the average overdraft utilisation remains at normal levels for this time of year – with less than 25% of overdraft limits typically in use by farmers.

“However, it is important that we are supporting farmers who require it – with a level of flexibility which can assist with their cash flow through difficult periods.

“These conditions haven’t been experienced in decades and we would encourage farmers to come and talk to us via their local businesses manager or to call us on: 1890-365-222 from 8:00am to 8:00pm, Monday to Friday,” Farrell advised.

Bank of Ireland will also set out its support measures at an event for farmers at the Keadeen Hotel in Newbridge, Co. Kildare, on Monday, July 23.

Focused on the future for farm families in counties Kildare and Carlow, the event will commence at 7:00pm and will feature guest speaker European Commissioner for Agriculture and Rural Development, Phil Hogan.

The bank has said that all are welcome to attend and further details are available from Bank of Ireland branches in the Kildare/Carlow area.