Kevin O'Keeffe (Cork East, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

634. To ask the Minister for Agriculture, Food and the Marine the date that the agriculture cash loan support scheme will become available for farmers to apply for. [3937/17]

Michael Creed (Cork North West, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am pleased to announce the launch of the “Agriculture Cashflow Support Loan Scheme” today.  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 was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), which has confirmed that AIB, Bank of Ireland and Ulster Bank will distribute the loans, making €150 million available to farmers throughout Ireland at interest rates of 2.95%. 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.

The SBCI has demonstrated its commitment to the agriculture sector and has worked with my Department to get this product to the market in a timely manner. I welcome the participation of the main banks, which will ensure nation-wide coverage for the scheme.  The fact that most farmers will have an existing relationship with the participating banks should facilitate the loan application process.