Dáil Éireann Debate, Thursday - 24 November 2016
237. Deputy Charlie McConalogue asked the Minister for Agriculture, Food and the Marine the status of the €11 million in EU aid that was allocated to Irish farmers and subsequently put into the €150 million agri-loan scheme in budget 2017, if all moneys in this fund are not fully drawn down within the period the facility will remain open for applications; and if he will make a statement on the matter. [36768/16]
View answerI announced last week that the Strategic Banking Corporation of Ireland (SBCI) has invited banks and other lenders to take part in the "Agriculture Cashflow Support Loan Scheme". The Scheme, with total funding of €150 million, will support highly flexible loans for up to six years, for amounts up to €150,000, at an interest rate of 2.95%. The public funding of €25 million provided for the Scheme includes €11.1 million from the EU’s ‘exceptional adjustment aid for milk and other livestock farmers’.
The need for this Scheme has been identified and expectations are that it will be well subscribed. However it is an innovative approach. The expenditure will be closely monitored and, if necessary, appropriate action will be taken to help ensure that Irish farmers get the full benefit from the allocated funding.
