Agri Matters Spring 2010
Welcome to this special edition of Agri Matters – Helping farms source finance from AIB
Michael Dowling, Head of Agri Strategy, AIB
These are difficult times in Irish farming – particularly in the dairy and tillage sectors. Thankfully in the case of the former the worst appears to be over as prices are recovering. Furthermore, the longer-term outlook remains positive for most farm sectors. In the short term, however, many farmers are experiencing cashflow problems and, on the other hand, despite the recession, others are anxious to proceed with development projects.
AIB has been working with our farming customers through these difficult times. We want to help you manage through the downturn and volatility, and enable you to take the necessary actions to stabilise your farm business.
In each situation it is highly important that farmers keep in early and close contact with their bank and other finance providers. Many find no difficulty in doing this. Others, for a variety of reasons, have concerns about doing it and, in particular, about what is the best way to approach the bank.
Accordingly, we have prepared this short guide to agri credit in order to be of practical help to new and existing farmer customers in their relationship with the bank. It explains the information we may need to make a credit decision. In addition to the general guidelines, we have included an article from Patrick O’Meara, Agri Adviser, giving more specific advice. We have also included a glossary aimed at taking the mystery out of some banking terms. I hope that this edition will be of practical help to many of our readers.
AIB has always been, and will continue to be a strong advocate that banks and farmers must work together in addressing the challenges presented.
We will try to be as accommodating as possible, to meet your needs and respond in a realistic and pragmatic way. We will take personal ownership of your request, and make every effort to respond favourably in as short a timeframe as possible.
In circumstances where we have to say no to a request for credit, we will do so directly, giving a clear rationale for our decision and make every effort to work with you to find an alternative solution.
I would like to end by extending good wishes to all our readers and express the hope that 2010 will be a considerable improvement on the year just past.
Michael Dowling
Head of Agri Strategy
