UK Dairy Sector
Debate between Daniel Kawczynski and Baroness Ritchie of Downpatrick(8 years ago)
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Ms Ritchie
Perhaps it would help if I moved on.
We must look at solutions. The Government must seek to bring to Britain and Northern Ireland a scheme that the European Investment Bank has already trialled in the south of Ireland. Under the scheme, the bank would allow DEFRA and the devolved Administrations to act as guarantors for loans made to dairy farmers. That added level of security would allow banks to make loans on much more favourable terms. For instance, in Northern Ireland, a bank loan made to a dairy farm typically has a pay-back period of 15 years, which is well below the average in Britain because of the difficulties to which I have referred. The Ulster Farmers Union believes that with the Government acting as a creditor, banks could offer loans with pay-back periods of 30 years, doubling the time farmers typically now have. Will the Minister and his colleagues in the Department give some consideration to that scheme? Will he give us his opinion, or at least go away and have a think about it before coming back to us MPs with a particular interest in the matter?