This spring is one of the hardest and hardest Irish farmers have known for many years. Depleted feed, limited grass growth, and delayed processing of grassland cattle increase farm and financial pressure on farms. Increasing rainfall since last summer combined with a late spring has resulted in additional costs for most farms as many farmers were forced to buy feed and / or feed higher concentrates.
We are aware of the challenges that farmers are currently facing and their likely impact on farmers’ cash income. We are aware that the support of cash flow will be essentially short- and medium-term, and that a return to the weather conditions and favorable conditions for the growth of grass should mitigate the current operational and financial strains farms. However, we are also aware that the impact on cash flow before the year-end may not be fully visible, as the payment of larger creditor bills, the delay in livestock sales and the need to build up feed stocks can affect cash flow throughout the period , Summer.
We encourage farmers who may need financial support to quantify the level of support required and contact the bank immediately to find a suitable solution to their situation. Take the time to meet with your bank to prepare and provide appropriate information for your case. Try to determine the likely duration of cash printing and determine what level of support is required to go through that period. If your situation is urgent, you need to inform your bank so that you can prioritize your request.
If you’d like to talk to an AIB member about how we and your business can help you, you can contact our team of relationship managers through a range of channels, including 1890 47 88 33 (available) Monday through Friday 8 : 00 to 21:00. (Saturday 9am to 6pm), meet us at your local office or go online at www.aib.ie/farming. We offer a range of support measures that can be adapted to each situation, including:
48-hour decision on business loans and overdrafts of up to € 60,000 for AIB * customers;
Flexible financing of working capital by an AIB Farmer Credit Line at a competitive interest rate; and,
Extended contact hours for farmers via a dedicated telephone line, 1890 47 88 33, available Mondays to Fridays from 8am to 9pm and Saturdays from 9am to 6pm.
AIB holds a positive outlook for the industry over the medium and long term, but recognizes the short-term difficulties and can help if cash assistance is required. We have always seen the agriculture sector in the long term and are determined to help our farmer customers meet these challenges in the short term. We advise farmers who need assistance to talk to their bank as soon as possible, as the solutions are more likely to be suitable for an early stage.