Charlie McConalogue (Donegal, Fianna Fail)
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645. To ask the Minister for Agriculture, Food and the Marine his views on correspondence (details supplied); the assistance that can be provided to this person; and if he will make a statement on the matter. [17480/17]

Michael Creed (Cork North West, Fine Gael)
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The “Agriculture Cashflow Support Loan Scheme” was developed by my Department in co-operation with the Strategic Banking Corporation of Ireland (SBCI), making €150 million available to farmers at interest rates of 2.95%. 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 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 loans are for amounts up to €150,000 for up to six years, with interest only facilities of up to three years. The Scheme was administered by SBCI through the participating banks; AIB, Bank of Ireland and Ulster Bank. Normal lending assessment criteria apply and the terms and conditions of each individual loan is agreed between the banks and the applicants according to their individual circumstances. The Department has no operational role in the Scheme nor can it deal with individual applications. Those who may be dissatisfied with a decision may seek a review of an application to the Scheme from the Credit Review Office, which provides an independent, impartial appeals process on credit decisions for small and medium sized businesses (SMEs), including sole traders and farmers.

I am meeting with the Chief Executives of the banks shortly to discuss the Scheme and other issues relating to access to finance in the agri-food sector.