Bank of Ireland has today (Tuesday, September 3) launched a new farm cashflow management guide as farmers continue to deal with the impact of poor weather, high costs and volatile market conditions.

The bank has said that in poor price years, cashflow must be managed to ensure that all essential bills are paid and that no long term damage is done to the farm business due to a cash shortage.

Bank of Ireland is one of the country’s main lenders to Ireland’s agriculture industry with over 82,000 farm customers on its books.

Cashflow

The bank’s new five-step cashflow management guide highlights areas including;

  • How early recognition of cashflow issues is vital;
  • The need to take action and seek advice as soon as the problem is identified;
  • Knowing the facts and understanding your debt levels;
  • Examining practical solutions inside the farmgate;
  • Speaking to financial providers and creating a sustainable financial plan.

Eoin Lowry, head of agri Sector, Bank of Ireland explained that the new guide to improve farm cashflow is designed to address a growing need in the industry.

“Good cashflow management is vital in both good times and trickier times for farmers, and as the sector continues to evolve and farmers deal with a number of challenges Bank of Ireland is committed to working with our customers to ensure farms remain viable and also ready to capitalise on opportunities as they arise,” he said.

Eoin Lowry, Bank of Ireland head of agri

Lowry added that Bank of Ireland’s team of advisers will be attending this year’s National Ploughing Championships in Co. Laois.

During the three-day event, he said the team will engage directly with customers and industry stakeholders as the wider sector grapples with profitability issues and the availability of cash.

“We can also see from our day-to-day interactions with the agri community that young people continue to view farming as an attractive career choice, and the massive crowds expected to attend the National Ploughing Championships in the coming weeks will further serve to highlight all that the sector has to offer,” he said.

AGRI-BUSINESS BANK OF IRELAND CASHFLOW FARM FINANCE