The Irish Farmers Association (IFA) Business Chairman, Martin Stapleton, has written to banks challenging them to engage actively with their farmer customers to support them in tackling the short-term cashflow pressures that will be experienced by farmers across many sectors in 2016.
The IFA is calling on banks to extend working capital to farmers and the agri-supply sector, as well as more flexible and affordable restructuring options to alleviate cash-flow difficulties.
Mr Stapeton said, "There is a very important role for the banks to play in reducing the fears that customers may have about approaching their bank. I have made clear to the banks that they must be proactive in communicating with their farmer customers."
He added, "In particular, I have asked them to write directly to their customers to alert them to the supports that are available, and to assure them that the bank is aware of the external factors contributing to the cashflow difficulties on farms this year."
Source: www.businessworld.ie
