Pig farmers experiencing cashflow difficulties are advised to engage with banks to discuss options, the fourth meeting of the pig roundtable heard this week (Wednesday, January 26).
The meeting followed a series of recent and ongoing engagements with stakeholders to discuss current market difficulties faced by the pig sector.
Hosting the fourth roundtable, Minister of State at the Department of Agriculture Food and the Marine (DAFM), Martin Heydon, said lower market prices and an increase in input costs are likely to continue for at least the first half of this year.
Representatives of the main banks and the Strategic Banking Corporation of Ireland (SBCI) outlined the options available to pig farmers to assist them during the current downturn in the business cycle.
The DAFM said available state-backed loan options can be used for working capital finance and include features which address the current financial needs of pig farmers.
These options include the Brexit Impact Loan Scheme and the Covid-19 Credit Guarantee Scheme, the DAFM said.
The meeting involved all stakeholders, including farm organisations, banks, the processing industry and the feed industry.
Pigmeat market
The minister further addressed state supports including Bord Bia’s efforts to promote quality assured Irish pigmeat on the domestic and export markets and Teagasc’s advisory support to pig farmers.
Minister Heydon said his department will continue to monitor the market situation and is examining possible measures to assist in supporting farmers through the current market disturbance.
Highlighting the longer-term strategic focus of the sector, Minister Heydon set out the proposed schedule of roundtable meetings in 2022.
Further meetings this year will focus on progressing priority actions identified for the sector in Food Vision 2030.