Important For Banks To Provide Early Intervention To Farmer Customers Facing Cashflow Difficulties

IFA Farm Business Chairman Martin Stapleton has acknowledged the commitment by Ulster Bank to provide options to alleviate cashflow pressures on farmers, including interest only repayments and extending working capital.

Martin Stapleton said Ulster Bank’s initiative is important given the severe income pressures on farms this year. He advised farmers who are facing difficulties to act early and get in touch with their bank manager to negotiate whatever arrangement works best for them.

He concluded, “There is a very important role for all banks in allaying the fears of customers about approaching their bank because of cashflow difficulties. They must be proactive in communicating with their farmer customers, advising them of the options available, and encouraging them to engage early”.