Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

The level of detail in terms of minimum and maximum amounts is not yet available. What is under discussion and quite close to agreement is a product involving large Irish dairy processors. They have been negotiating with the Commission and the EIB to try to make available a new finance product for loans for dairy expansion. Such loans would involve long-term repayment conditions at relatively low interest rates. There is a view that even though Irish banks currently make a lot of money available to agriculture, the competitive nature of interest rates linked to those loans does not compare favourably with other European countries. The EIB is anxious to put finance into the sector.

It will take us a little bit longer to consider how we can use the existing funds we have to spend on the rural development programme, which total more than €4 billion, to leverage loan facilities on the back of that. We had a conference in Dublin last week at which Commissioner Hogan spoke. I spoke at a meeting of the EIB and a series of other stakeholders also contributed. It is an area about which people are very excited and products will be available to farmers and the food industry in the not too distant future.

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