Bank of Ireland looks to ramp up agri sector loans

The firm said it is hiring 15 specialists in the area as it looks for more customers in the agri space. The bank claims to provide more than half of all new and increased agri lending with land acquisition, farm buildings and increased stocking requirements the main drivers of growth.

“With agriculture anticipated to be one of the best-performing sectors in the next few years and with strong growth potential and increased optimism on economic recovery, the bank expects that the demand from this important sector will continue apace,” the bank said.

BOI’s head of agri Sean Farrell said: “Our loan approvals for the first half of 2014 increased by 16pc and our approval rate is almost at 90pc. We are currently approving funding for the purchase of over 400 acres of land per week.”

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