New Commissioner McGuinness asked to look at “extravagant” interest rates banks charging on farm loans and finance

The President of ICMSA, Pat McCormack, wished Mairead McGuiness well in her new role as EU Commissioner for Financial Services, Financial Stability and Capital Markets Union and said that it is absolutely essential that in her new role as Commissioner she plays her part in ensuring the best possible outcome for Ireland in the Brexit negotiations  Mr McCormack also noted that given her strong reputation on agriculture issues, she should also be putting a strong case to support the family farm model at the Commission table.

Turning to her specific brief, Mr. McCormack said that Irish farmers would hope that in due course the Commissioner might be able to give some attention to “extravagant” rates of interest that Irish pillar banks routinely charged on farm-related finance and loans.   Mr. McCormack said that as a former editor of a farming newspaper,  Mrs McGuinness would surely share the frustration of Irish farmers who were often charged three percent more for money than their mainland EU counterparts, despite their loans being fully secured and the agri sector’s historically low incidence of bad debt.

Ends         8 September.

Pat McCormack, 087-7608958

President, ICMSA.

Or

Cathal MacCarthy, 087-6168758

ICMSA Press Office