Bank of Ireland has announced that it is allocating a fund of €25m specifically to help agri customers cover extra costs and potential production losses as a result of the recent poor weather conditions. The fund will be made available throughout the Bank’s network nationwide.
Commenting on behalf of the Bank, Sean Farrell, Head of Agriculture said: “We are very aware that many of our agri customers have been impacted by the level of rainfall experienced over recent weeks. Many have yet to secure enough winter fed and the quality of much of the silage made to date is below what they would normally achieve.
“Ground conditions in many parts of the country have forced farmers to re-house livestock. We know that this will lead to increased feed costs later in the year in many instances. When the associated drop in milk production, loss of thrive and damage to crops are also taken into consideration, there will be additional working capital funding required on many farms and we want to help provide that funding where we can.
“We would ask our customers and indeed non-customers to contact their local branch if they think they will need increased cash flow support. Their relationship managers can help them work out a viable solution to help manage short term cash flow difficulties which may arise.”