Minister for Agriculture, Food and the Marine Martin Heydon has announced that updated reference costs will be in place for all eligible applications submitted in tranche 10 of the Targeted Agricultural Modernisation Scheme (TAMS).

This tranche will open for applications on September 10, and will close on December 5.

The Minister also commented on the high number of applications received to date in the current TAMS tranche, tranche 9, which closes for applications at midnight on Friday, September 5.

Minister Heydon said: “A review of the TAMS reference costs has now been completed and the revised reference costs will be in place for all eligible applications submitted in the upcoming tranche, which will open for applications on September 10.”

The minister said that "a thorough examination" of all reference costs has taken place to ensure that they reflect market costs for the construction of farm buildings and facilities, and farm equipment.

"This examination is based on a comparison with receipted costs to ensure the revised costs are an accurate reflection of the current situation," according to the minister.

On application figures for tranche 9, Minister Heydon said: "The huge number of applications received to date under TAMS, including those received in tranche 9 which closes on Friday, September 5, shows the importance of this scheme to the farming sector and will allow investments in a range of facilities on their farms.”

“TAMS has been, and continues to be, a hugely successful and beneficial scheme to the farming community and the wider rural economy. It has delivered key modernisation, environmental and safety improvements on thousands of farms across the country," he added.

The revised reference costs, which will be in place for all future applications, will provide farmers with greater confidence in the knowledge that supports provided by my Department will reflect their investment costs," Minister Heydon said.