Niall Collins
Ceist:1944. Deputy Niall Collins asked the Minister for Agriculture, Food and the Marine the amount of debt farmers have with the pillar banks; and if he will make a statement on the matter. [34031/18]
Amharc ar fhreagraTuesday, 24 July 2018
Ceisteanna (1944)
Freagraí scríofa
The Central Bank of Ireland reports on business credit on a quarterly basis. New lending into the agriculture sector for 2017 is reported at €790 million, which demonstrates a stable supply of lending to the sector. This is an increase on 2016 and 2015 when the figures were €676 million and €649 million respectively.
The Central Bank data shows that total outstanding borrowings in agriculture have declined from €5,129 million at the beginning of 2010 to the current €3,228 million. This is indicative of the deleveraging that has occurred in the wider economy where repayments have outstripped new lending. The data shows that the sector accounts for 12% of the €26,029 million outstanding debt held by Irish resident SMEs.
Teagasc and Bank of Ireland launched a report in 2015, “A Review of the Financial Status of Irish Farms and Future Investment Requirements”, which indicated that, relative to the EU average, Irish farms have low debt and high asset values.
I liaise with the main banks on issues relating to the agri-food sector on an ongoing basis.