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Banks challenged over farm loans Banks challenged over farm loans
(about 3 hours later)
Bankers will be challenged by politicians later over claims that they are "inflicting pain" on farmers.Bankers will be challenged by politicians later over claims that they are "inflicting pain" on farmers.
DUP MLA Ian Paisley Jr has called a special meeting of the Stormont Agriculture Committee to discuss banks' relationship with farmers.DUP MLA Ian Paisley Jr has called a special meeting of the Stormont Agriculture Committee to discuss banks' relationship with farmers.
The Ulster Farmers' Union (UFU) said banks needed to do more to help farmers struggling with high loan costs.The Ulster Farmers' Union (UFU) said banks needed to do more to help farmers struggling with high loan costs.
"We expect the banks to be more loyal to their farming customers," a UFU spokesman said."We expect the banks to be more loyal to their farming customers," a UFU spokesman said.
Mr Paisley, chairman of the assembly's agriculture committee, said: "The assembly does not have power over banks.Mr Paisley, chairman of the assembly's agriculture committee, said: "The assembly does not have power over banks.
"But I am determined to challenge them about some of the practices which have been taking place in the Northern Ireland agriculture sector.""But I am determined to challenge them about some of the practices which have been taking place in the Northern Ireland agriculture sector."
Mr Paisley Jr argued that farmers had always been good bank customers as they invest heavily in infrastructure and also have significant assets to act as security against borrowing.Mr Paisley Jr argued that farmers had always been good bank customers as they invest heavily in infrastructure and also have significant assets to act as security against borrowing.
"However, as the agricultural industry and in particular the diary sector, faces a tough time, there are very clear instances of the banks inflicting further pain on the industry," he said."However, as the agricultural industry and in particular the diary sector, faces a tough time, there are very clear instances of the banks inflicting further pain on the industry," he said.
'Long-term''Long-term'
The Ulster Farmers' Union (UFU) said banks needed to do more to help farmers struggling with high loan costs.The Ulster Farmers' Union (UFU) said banks needed to do more to help farmers struggling with high loan costs.
"Farmers generally tend to be in a very long-term commitment with their business, so we are a bit disappointed with the way that farmers are being treated," said a UFU spokesman."Farmers generally tend to be in a very long-term commitment with their business, so we are a bit disappointed with the way that farmers are being treated," said a UFU spokesman.
"We expect the banks to be more loyal to their farming customers.""We expect the banks to be more loyal to their farming customers."
The meeting was called following a request of Ulster Unionist MLA George Savage who is a farmer.The meeting was called following a request of Ulster Unionist MLA George Savage who is a farmer.
"As a farmer myself I know the uphill struggle that they (farmers) face - you only need to look at milk prices to see how farmers are being given a raw deal."As a farmer myself I know the uphill struggle that they (farmers) face - you only need to look at milk prices to see how farmers are being given a raw deal.
"In addition to this, as we look ahead to harvesting, we need to ensure that grain prices are regulated and we need to ensure that arable and beef farmers also get a fair deal.""In addition to this, as we look ahead to harvesting, we need to ensure that grain prices are regulated and we need to ensure that arable and beef farmers also get a fair deal."
Ulster Bank Agricultural Manager Cormac McKervey said helping struggling dairy farmers was a major challenge.Ulster Bank Agricultural Manager Cormac McKervey said helping struggling dairy farmers was a major challenge.
"I don't think any farmer at the minute is making money out of milk - certainly anyone reliant on conacre, reliant on borrowed money, reliant on paid staff is at best breaking even and probably losing money," he said."I don't think any farmer at the minute is making money out of milk - certainly anyone reliant on conacre, reliant on borrowed money, reliant on paid staff is at best breaking even and probably losing money," he said.
"We're aware of it, we're trying to do what we can because in the long term, we're relatively confident milk will improve and things will be back on an even keel again.""We're aware of it, we're trying to do what we can because in the long term, we're relatively confident milk will improve and things will be back on an even keel again."
Northern Bank said it is was "committed" to Northern Ireland's agriculture sector.
Stephen Bloomfield, regional general manager of the bank said: "We do not underestimate the economic, financial and industry challenges faced by local farmers today and Northern Bank is as committed as ever to supporting our customers through these challenging times."