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Bank sets up €25m farm fund 26.07.12

INISHOWEN farmers who are customers of Bank of Ireland may get access to a €25m special fund set up by the bank to help the agriculture sector due to the wet summer. Non-customers are also urged to apply for the fund.
BoI announced the €25m fund specifically to help agri customers cover extra costs and potential production losses due to the recent poor weather.
The bank's head of agriculture, Sean Farrell, said: “We are very aware that many of our agri customers have been impacted by the level of rainfall experienced over recent weeks. Many have yet to secure enough winter feed and the quality of much of the silage made to date is below what they would normally achieve.
“Ground conditions in many parts of the country have forced farmers to re-house livestock. We know that this will lead to increased feed costs later in the year in many instances. When the associated drop in milk production, loss of thrive and damage to crops are also taken into consideration, there will be additional working capital funding required on many farms and we want to help provide that funding where we can."
Mr Farrell said many farmers would be in need more cash flow.
“We would ask our customers and indeed non-customers to contact their local branch if they think they will need increased cash flow support.
"Their relationship managers can help them work out a viable solution to help manage short term cash flow difficulties which may arise."
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