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28/07/2009
Banks Lobbied Over Farm Funding
Bankers are to meet with a top Assembly committee over cash flow for the NI farming community.
Stormont's Agriculture Committee is to question representatives of the Northern Bank, Ulster Bank and the First Trust over their relationship with farmers.
The move comes just a week after Stormont's top ministers continued their own series of meetings with bankers to discuss the availability of credit to the commercial and private sectors.
DUP Assemblyman Ian Paisley Jnr, Committee Chairman, said: "Farmers have always been good bank customers as they will invest heavily in infrastructure and also have significant assets to act as security against borrowing.
"However, as the agricultural industry and in particular the dairy sector, face a tough time there are very clear instances of the banks 'inflicting further pain' on the industry.
"The Assembly does not have power over banks. However, I am determined to challenge them about some of the practices which have been taking place in the Northern Ireland agriculture sector."
He insisted that rural businesses in particular had seen "huge increases" in fees charged by banks and even the introduction of fees for services which never previously incurred a charge.
This week's lobbying on behalf of the NI farming community is after senior executives from Barclays Bank were the latest in the frame as NI's political leaders continued their engagement with leading financial institutions.
First Minister Peter Robinson and Deputy First Minister Martin McGuinness also met with executives from the Progressive Building Society and further meetings are planned with other major lenders.
This week's meeting on behalf of the agricultural sector has been broadly welcomed. Ulster Farmers Union President Graham Furey commented on the meeting: "We have already met the banks because we feel they are being extortionate with their overdraft fees," he said.
"Base interest rates are down about 4.5% from about a year ago but members are only paying around 1-2% less than previously.
"Banks will no longer negotiate and fees are stringently imposed. It will be interesting to see how banks will react if farmers start to shop around and move to different providers."
See: Bankers Get Further Executive Grilling
Stormont's Agriculture Committee is to question representatives of the Northern Bank, Ulster Bank and the First Trust over their relationship with farmers.
The move comes just a week after Stormont's top ministers continued their own series of meetings with bankers to discuss the availability of credit to the commercial and private sectors.
DUP Assemblyman Ian Paisley Jnr, Committee Chairman, said: "Farmers have always been good bank customers as they will invest heavily in infrastructure and also have significant assets to act as security against borrowing.
"However, as the agricultural industry and in particular the dairy sector, face a tough time there are very clear instances of the banks 'inflicting further pain' on the industry.
"The Assembly does not have power over banks. However, I am determined to challenge them about some of the practices which have been taking place in the Northern Ireland agriculture sector."
He insisted that rural businesses in particular had seen "huge increases" in fees charged by banks and even the introduction of fees for services which never previously incurred a charge.
This week's lobbying on behalf of the NI farming community is after senior executives from Barclays Bank were the latest in the frame as NI's political leaders continued their engagement with leading financial institutions.
First Minister Peter Robinson and Deputy First Minister Martin McGuinness also met with executives from the Progressive Building Society and further meetings are planned with other major lenders.
This week's meeting on behalf of the agricultural sector has been broadly welcomed. Ulster Farmers Union President Graham Furey commented on the meeting: "We have already met the banks because we feel they are being extortionate with their overdraft fees," he said.
"Base interest rates are down about 4.5% from about a year ago but members are only paying around 1-2% less than previously.
"Banks will no longer negotiate and fees are stringently imposed. It will be interesting to see how banks will react if farmers start to shop around and move to different providers."
See: Bankers Get Further Executive Grilling
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
