The Minister for Agriculture Simon Coveney was challenged in the Dail this week on his action regarding the availability of credit to farmers.
Longford/Westmeath deputy Robert Troy asked the Minister in a parliamentary question if he has had any discussions with the Department of Finance regarding facilitating progressive farmers who wish to modernise and expand their farms, with longer term loans.
According to the Central Bank, which issued its Business Credit and Deposits Q4 2013 report this week. The agriculture sector continues to comprise the largest share of gross new SME lending, with more than €173m lent out by Irish banks during the last quarter of 2013.
“A consultation paper in relation to the 2014-2020 Rural Development Programme has also been prepared which sets out a number of priorities in the case of on-farm investment schemes under the new Programme, including further support to encourage investment in the dairy sector due to the forthcoming abolition of milk quotas and an enhanced scheme of grant-aid for young farmers with a special grant-rate of 60 per cent. The dates of introduction of these new schemes will be dependent on a number of factors, including the requirement to obtain EU Commission approval for the Programme concerned,” he concluded.