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The €150m low-cost loan fund for farmers secured by IFA in Budget 2017 is now open, providing cashflow support loans for farmers at 2.95% interest.

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IFA President Joe Healy has expressed concern at today’s announcement by Ulster Bank of its plan to sell €100m of agri-loans as part of a total distressed loan book disposal of €2.5bn.

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IFA Farm Business Chairman Martin Stapleton has said there is an urgent need to address excessively high interest rates for farm enterprises and other small businesses.

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IFA has met with senior Ulster Bank Executive staff in response to the bank’s sudden announcement that it plans to dispose of loans in its specialist loans arrears unit to undisclosed third parties.

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IFA Farm Business Chairman Tom Doyle said the move by Bank of Ireland to ban lodgements and withdrawals at the counter in branches will cause great difficulty for some farmers who are not familiar with their online system.

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