Charlie McConalogue (Donegal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

384. To ask the Minister for Agriculture, Food and the Marine the total amount drawn to date under the SBCI agri-loan fund by county in tabular form; the total number of participants; and if he will make a statement on the matter. [9452/17]

Charlie McConalogue (Donegal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

385. To ask the Minister for Agriculture, Food and the Marine the length of time the SBCI agri-loan fund will remain open for applications; and if he will make a statement on the matter. [9453/17]

Charlie McConalogue (Donegal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

386. To ask the Minister for Agriculture, Food and the Marine the average loan size drawn down to date under the SBCI agri-loan fund; and if he will make a statement on the matter. [9454/17]

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

I propose to take Questions Nos. 384 to 386, inclusive, together.

I was pleased to announce the launch of the “Agriculture Cashflow Support Loan Scheme” on 31st January. 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, which was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), makes €150 million available to farmers throughout Ireland at interest rates of 2.95%. Distributed through AIB, Bank of Ireland and Ulster Bank, the Scheme provides 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 Scheme will operate until the 30th of September 2017, a deadline attached to the EU funding, or until the scheme has been fully subscribed. The €150 million will be dispersed on a “first come, first served” basis and there is no provision for additional funds to be allocated.

The participating banks will report to the SBCI on a regular basis although no returns have been made as yet. Strong interest has been reported and it is anticipated that official figures will be available shortly.