Ministers meet with banks on current challenges in the Pigmeat sector

The Minister for Agriculture, Food and the Marine, Charlie McConalogue, TD, with his colleague at the Minister of State Martin Heydon, TD, have met with the main banks to discuss the current challenges in the pigmeat sector and the importance of their ongoing support.

Meeting representatives from AIB, Bank of Ireland and Ulster Bank, both Ministers emphasised the importance of the pig sector, its overall resilience and the importance of their support to their customers through the current downturn in the business cycle. In response the banks highlighted their longstanding relationship with the sector and the availability of various supports, including State-backed loan schemes. The key message was that farmers experiencing cashflow difficulties should engage with the banks as soon as possible to discuss options and that the banks remain committed to supporting their customers in the period ahead.

Separately the Ministers also met with the Strategic Banking Corporation of Ireland (SBCI) to discuss the Brexit Impact Loan Scheme and the COVID- 19 Credit Guarantee Scheme, both of which are financed by the Department of Agriculture, Food and the Marine in partnership with the Department of Enterprise, Trade and Employment. These finance schemes can be used for working capital finance and include features which address the current financial needs of pig farmers. Further information is available at https://sbci.gov.ie/

These meetings are in the context of Minister McConalogue raising his concerns at the Council of Ministers last week and ongoing meetings with stakeholders. Minister Heydon will chair a meeting of the Pig Roundtable on Wednesday