Commenting on the Glanbia loan fund initiative, ICMSA Dairy Chairperson, Gerald Quain, said that credit was due to the processor for coming forward with an option that demonstrated imagination and understanding. Mr Quain said the scheme’s connection with milk price would give suppliers a degree of latitude and effectively linked repayments to the supplier’s ability to repay. The ICMSA Dairy Committee Chairperson said that the scheme was now the benchmark in terms of innovation and proactive planning and other financial institutions like the pillar banks and Co-ops should draw up similarly flexible and robust schemes that would allow their own suppliers to put their milk supply business on practical medium-term financing.
Ends 9 March 2016.
Gerald Quain, 086-3623041
Chairperson, ICMSA Dairy Committee