I propose to take Questions Nos. 384 to 386, inclusive, together.
I was pleased to announce the launch of the “Agriculture Cashflow Support Loan Scheme” on 31st January. One of my priorities has been to address the impact of the change in the sterling exchange rate and lower commodity prices in some sectors, which have caused cash flow difficulties for farmers. The Scheme, which was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), makes €150 million available to farmers throughout Ireland at interest rates of 2.95%. Distributed through AIB, Bank of Ireland and Ulster Bank, the Scheme provides farmers with a low cost, flexible source of working capital and will allow them to pay down more expensive forms of short-term debt, ensuring the ongoing financial sustainability of viable farming enterprises.
The Scheme will operate until the 30th of September 2017, a deadline attached to the EU funding, or until the scheme has been fully subscribed. The €150 million will be dispersed on a “first come, first served” basis and there is no provision for additional funds to be allocated.
The participating banks will report to the SBCI on a regular basis although no returns have been made as yet. Strong interest has been reported and it is anticipated that official figures will be available shortly.