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29/07/2009
Banks Defend NI Farm Business
Within hours of a meeting with politicians over the major bank's conduct of business with the NI agricultural industry, senior bank bosses have roundly defended their commitment to the industry.
They also insisted the interest rates charged to the agricultural industry are fair and said it was committed to supporting viable businesses through the recession.
Officials from the main banks attended a special meeting of Stormont's Agriculture Committee on Tuesday after claims from members that farmers were struggling with the high cost of loans.
However, the banks said that, collectively, almost a billion pounds were lent to the industry last year.
The Northern Bank holds over half of all farming loans in Northern Ireland.
Stephen Bloomfield, Regional General Manager at Northern Bank, said they are on record as looking to lend to customers, "and we have demonstrated that over the years", he insisted.
Mr Bloomfield added: "These are extremely challenging times for the economy, for the banking industry and also for all of our customers.
"We are determined to work through these challenges with our customers in a very proactive way."
He also said that the bank's dedicated team of 30 agribusiness managers are working with over half of Northern Ireland's farming community on a daily basis.
"They are there to offer comprehensive guidance and an approach to agricultural finance that is in the best long term interests of those individual customers, whether that be through lending support, day-to-day banking, cash management solutions, specialist services or expert advice.
"We continue to invest in the wider farming community and in particular in the future of the industry through a number of sponsorships and financial literacy education for young farmers," he said.
However, the UUP MLA George Savage said farmers still were not getting a fair deal and added they were playing "piggy in the middle" with forces they could not control.
Meanwhile, the Stormont Finance Minister, Sammy Wilson has said he will continue to press the Treasury for recognition of Northern Ireland's 'uniqueness' in relation to tax relief on Conacre land - which is a system of letting land, mostly in small patches, often as a return for labour instead of wages.
He was speaking following a meeting with the Ulster Farmers' Union to discuss their concerns on a Court of Appeal ruling regarding tax relief treatment such land.
"I am very concerned over the potential impact this court ruling may have on our local farming community.
"With one third of Northern Ireland's land let out as Conacre, this court decision could result in a significant increase in the acreage of local farmland being liable to 40% inheritance tax."
The Minister expressed his intention to continue to press the Treasury for recognition of the uniqueness of this issue for Northern Ireland and the implications for our local agriculture industry.
See: Banks Lobbied Over Farm Funding
(BMcC/JM)
They also insisted the interest rates charged to the agricultural industry are fair and said it was committed to supporting viable businesses through the recession.
Officials from the main banks attended a special meeting of Stormont's Agriculture Committee on Tuesday after claims from members that farmers were struggling with the high cost of loans.
However, the banks said that, collectively, almost a billion pounds were lent to the industry last year.
The Northern Bank holds over half of all farming loans in Northern Ireland.
Stephen Bloomfield, Regional General Manager at Northern Bank, said they are on record as looking to lend to customers, "and we have demonstrated that over the years", he insisted.
Mr Bloomfield added: "These are extremely challenging times for the economy, for the banking industry and also for all of our customers.
"We are determined to work through these challenges with our customers in a very proactive way."
He also said that the bank's dedicated team of 30 agribusiness managers are working with over half of Northern Ireland's farming community on a daily basis.
"They are there to offer comprehensive guidance and an approach to agricultural finance that is in the best long term interests of those individual customers, whether that be through lending support, day-to-day banking, cash management solutions, specialist services or expert advice.
"We continue to invest in the wider farming community and in particular in the future of the industry through a number of sponsorships and financial literacy education for young farmers," he said.
However, the UUP MLA George Savage said farmers still were not getting a fair deal and added they were playing "piggy in the middle" with forces they could not control.
Meanwhile, the Stormont Finance Minister, Sammy Wilson has said he will continue to press the Treasury for recognition of Northern Ireland's 'uniqueness' in relation to tax relief on Conacre land - which is a system of letting land, mostly in small patches, often as a return for labour instead of wages.
He was speaking following a meeting with the Ulster Farmers' Union to discuss their concerns on a Court of Appeal ruling regarding tax relief treatment such land.
"I am very concerned over the potential impact this court ruling may have on our local farming community.
"With one third of Northern Ireland's land let out as Conacre, this court decision could result in a significant increase in the acreage of local farmland being liable to 40% inheritance tax."
The Minister expressed his intention to continue to press the Treasury for recognition of the uniqueness of this issue for Northern Ireland and the implications for our local agriculture industry.
See: Banks Lobbied Over Farm Funding
(BMcC/JM)
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A Northern Ireland retail firm has announced it is to create 40 new jobs as part of a £5 million investment, part funded by Danske Bank. Fruitfield Reids Farm Foodhall in Richill, between Portadown and Armagh, first opened in 1998 by the Reid family. In recent years the business outgrew its old premises and has now relocated to a bigger site.
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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.
