€15 million has been allocated by Ulster Bank through its Weather Agri Fund to support farmers as they face continued challenges due to adverse weather conditions.
Announced by the bank today (Tuesday, July 10), applications for this fund will be available from Monday July 16, until December 31, 2018 – or until the fund is fully subscribed.
From the flood and storm damage earlier this year, through to the snowfall of Storm Emma, right up to the current drought-like conditions – adverse weather has led to issues such as: higher feed costs; reduced output; and severe fodder shortages across the country.
Ulster Bank has responded to this by announcing the allocation of €15 million, which is available to both existing and new customers, and is designed to alleviate pressure on farmers’ cash flow.
Dr. Ailish Byrne, head of agriculture at Ulster Bank, said: “At Ulster Bank we understand the set of conditions that farmers now face, and the building pressures on cash flow.
We have heard first-hand accounts of the cumulative effect of a long winter, a very short spring and an unprecedented dry spell, that still shows no sign of an immediate end.
“Financial planning can help to a certain degree, but in circumstances such as these, it is right that we look for ways to assist farming customers.
“We are today announcing a designated fund of €15 million, which we hope will ease some of the burden placed on farmers during these really challenging times, and allow them to get on with the business of running their farm.”