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04/11/2009 06:00:09
Banks get tough with farmers
Source: http://www.irishtimes.com/newspaper/ireland/2009/1104/1224258024856.html
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The banks are bouncing farmers’ cheques that are only marginally over the limit and are not supplying credit to farmers to buy fresh stock, the manager of one of the largest marts in the country told the economic forum on Irish farming and food.
Seán O’Sullivan, chief executive of Cork Marts, said it was all very well for the banks to say they were open for business but that was not what he was experiencing in his business. "There is a severe deficiency in the levels of support given by the banks and we know about it on the ground in the last six to nine months. There is a severe credit squeeze."
He said farmers had told him they were unable to access credit to buy new stock and this would have a detrimental knock-on impact on the sector. "We see farmers’ cheques bounced when they are only marginally over the limit in the past few months."
It was "unfortunate and unfair" farmers were paying the price for what had happened in the banking sector.
Mr O’Sullivan called for what he termed a real partnership deal to be put in place to allow credit flow to the sector similar to what had been agreed between the farm organisations and the banks in the crisis of the 1980s.
In reply to questions from the floor, Michael Dowling of AIB said his bank "was open for business" for farmers and small- and medium-sized enterprises on the basis that borrowers met the criteria of having a good track record and had the ability to repay.
Margaret Sweeney, chief executive of Postbank, said it would be offering credit next year to local businesses and individuals, but it would not be involved in large commercial lending as this required a different focus.
Pat Kenny of McHale Farm Machinery and Willie Fahey, chief executive of Ifac accountants, said there were schemes in New Zealand and Germany and some other European countries that were devised to help small- and medium-sized industries and these should be developed here.
Andrew Langford, chief executive of FBD Holdings, and Tom O’Mahoney of Origin Enterprises, said the issue of currency movements with sterling and the dollar were creating difficulties for exporters which would have to be addressed.
There was broad agreement from the panel that one agency should replace all the agencies now charged with driving agriculture and rural development and a fund of up to €2 billion should be used to stimulate the sector.
Seán O’Sullivan, chief executive of Cork Marts, said it was all very well for the banks to say they were open for business but that was not what he was experiencing in his business. "There is a severe deficiency in the levels of support given by the banks and we know about it on the ground in the last six to nine months. There is a severe credit squeeze."
He said farmers had told him they were unable to access credit to buy new stock and this would have a detrimental knock-on impact on the sector. "We see farmers’ cheques bounced when they are only marginally over the limit in the past few months."
It was "unfortunate and unfair" farmers were paying the price for what had happened in the banking sector.
Mr O’Sullivan called for what he termed a real partnership deal to be put in place to allow credit flow to the sector similar to what had been agreed between the farm organisations and the banks in the crisis of the 1980s.
In reply to questions from the floor, Michael Dowling of AIB said his bank "was open for business" for farmers and small- and medium-sized enterprises on the basis that borrowers met the criteria of having a good track record and had the ability to repay.
Margaret Sweeney, chief executive of Postbank, said it would be offering credit next year to local businesses and individuals, but it would not be involved in large commercial lending as this required a different focus.
Pat Kenny of McHale Farm Machinery and Willie Fahey, chief executive of Ifac accountants, said there were schemes in New Zealand and Germany and some other European countries that were devised to help small- and medium-sized industries and these should be developed here.
Andrew Langford, chief executive of FBD Holdings, and Tom O’Mahoney of Origin Enterprises, said the issue of currency movements with sterling and the dollar were creating difficulties for exporters which would have to be addressed.
There was broad agreement from the panel that one agency should replace all the agencies now charged with driving agriculture and rural development and a fund of up to €2 billion should be used to stimulate the sector.
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