UFU deputy president David Brown on his farm in Fermanagh. Picture: Cliff Donaldson
The Ulster Farmers’ Union (UFU) says banks must do more to help farmers get through the financial storm affecting all enterprises, triggered by a damaging mix of rising input costs and falling returns, with no signs of any early improvement.
UFU president David Brown said, “This is as serious a financial situation as many farmers can remember. The industry has always had a good and a positive relationship with the banks and farmers have been valued and profitable customers for generations. That is why the banks need to do more to respond to this crisis, particularly as the night’s drawing in confirms more costly times are on the way for farm businesses.”
The UFU says farmers facing financial difficulties often feel alone, but that this is certainly not the case now. But it stresses this is why farming families need the reassurance that banks will work with them to get through this crisis.
“We are receiving an increasing number of calls from members, and it is depressingly clear there are problems across the industry on farms of all sizes and enterprises. The current market prices are unsustainable and once again, the primary producer is taking the brunt of the price squeeze. Global dairy markets remain difficult, due to ample global supplies of dairy products and weaker demand, particularly from China. Market assessments for a better final quarter to 2023 now look wide of the mark by a long way,” said the UFU president.
Beef and sheep prices have been and remain poor, and input costs are rising relentlessly. The UFU says that against that background all banks need to do more now to engage with their farming customers in a discussion around what products are available to help ease cash flow problems.
“The UFU will be engaging with banks and other credit providers to ensure farmers are properly supported over the coming months. This is an approach that will head off potentially even more difficult months ahead for farmers and the banks – a clear case of it making sense to talk,” said Mr Brown.
