Aindrias Moynihan
Ceist:173. Deputy Aindrias Moynihan asked the Minister for Agriculture, Food and the Marine the names of the financial institutions through which low cost loans will be made available to farmers. [3545/17]
Amharc ar fhreagraThursday, 26 January 2017
Ceisteanna (173)
Freagraí scríofa
One of my priorities has been to address the impact on farmers of the sustained period of lower commodity prices, which has caused cash flow difficulties for farmers in several sectors. The “Agriculture Cashflow Support Loan Scheme” was developed by my Department in co-operation with the Strategic Banking Corporation of Ireland (SBCI). It will provide 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.
This innovative loan Scheme will make €150 million available to farmers throughout Ireland at low-cost interest rates of 2.95%. This is supported by €25 million being provided by my Department, including €11 million in EU exceptional adjustment aid. There were a number of applications submitted in response to the SBCI’s "Open Call" for financial institutions to participate in the Scheme, which were the subject of a formal approval process. The SBCI is aiming to bring the loans to market by the end of January and I hope to make an announcement in this regard shortly, including the details of participating financial institutions.