6th August, 2013

Irish Cattle and Sheep Farmers’ Association national treasurer, Malcolm Thompson, has advised farmers who are clients of Danske Bank not to panic into opening alternative bank accounts especially where the new account will cost them more in terms of interest and legal charges.

“I have been assured that no one should be disadvantaged as a result of the bank’s decision to cease lending and servicing of accounts in the agri sector.”

Mr Thompson has urged farmers to look at all their options, always bearing in mind that where they have Fixed Term Loans which are in good standing, Danske Bank has a contractual obligation to them.

“Whilst every case is different and should be dealt with on its merits by the bank, I believe that, as farmers, we must ensure that we get the best possible deal.”

Mr Thompson advised that farmers who have accounts at Danske Bank should, in the first instance, contact the bank’s agri manager to discuss their options.