10 AUGUST 2016
ICSA rural development chairman Seamus Sherlock has called on Ulster Bank to look at providing interest-only loans to all farmers under pressure instead of exclusively dairy farmers. Mr Sherlock was speaking following the announcement from Ulster Bank of their decision to help dairy farmers under pressure by switching their loans to interest-only.
Mr Sherlock complimented the bank for their positive stance but he urged Ulster Bank to show equal empathy to all farming sectors.
“Beef and sheep farmers are also hurting for a number of years and would greatly be aided by a similar move from their lender. Irish farmers as a whole are experiencing low prices coupled with high costs and many family farms are under serious threat.”
“We need all financial institutions to take a common sense approach in these stressful times”, said Mr Sherlock. “Interest-only loans can go some way to relieving the financial pressure on many family farms. However, farmers must realise that they are only a temporary fix and should not be seen as a medium to long-term solution.”