That’s the message from Senior Agriculture Manager, Cormac McKervey, at an event hosted by Ulster Bank today, ahead of its principal sponsorship of this year’s Balmoral Show which returns to Balmoral Park in around 4 weeks’ time.
Members of the Guild of Agricultural Journalists and other stakeholders joined senior figures from within the bank for an update on a number of key issues facing the local agri-food sector and to learn more about Ulster Bank’s commitment to the industry.
Senior Agriculture Manager, Cormac McKervey, and Ulster Bank’s Chief Economist, Richard Ramsey, updated media, and other invited guests, on the overall health of the local food and farming sectors and provided an outlook on other related economic issues.
They were joined by Ulster Bank’s Head of NI, Mark Crimmins, who encouraged those in the audience to tap into the bank’s knowledge and connections to the agrifood sector and asked for their support as Ulster Bank plays a leading role in tackling climate change and grasping the opportunities presented by a new, greener economy.
During his opening remarks, Mr. Crimmins said: “The agri-food sector is a crucial component of our local economy and as such, we remain committed to supporting farmers in what has no doubt been a challenging period for them.”
Cormac McKervey, Senior Agriculture Manager, Ulster Bank, said: “12 months ago this sector was dealing with financial pressures brought about by rising input costs and falling milk prices. Despite some of the financial burdens easing, many farmers are still operating in challenging times particularly the weather.
“Continuous high rainfall throughout late 2023 and early 2024 has had a worrying impact and will cause difficulties for lambing and calving, for arable farmers trying to plant spring crops, and interrupt the fertilising schedule for those involved in silage production. All of this may cause cash flow issues and we will be engaging with those customers and identifying where we can provide additional support to alleviate some of the more upfront cost pressures.
“TB continues to be a major source of stress for the sector – both mentally and physically – and we would like to see the planning process improved to help with continuous investment in the sector.
“That said, there are shoots of optimism and it’s important that farmers don’t lose sight of opportunities. Land and livestock prices remain strong and stable and falling grain prices have helped farmers livestock farmers to maintain or increase their margins. It has been a difficult time for arable farmers with the double whammy of poor weather and lower prices. It’s encouraging to see so many farmers make use undertake the carbon audit and DAERA is doing a good job directing and supporting farmers along the path of transition. It’s also encouraging to learn that many of CAFRE’s agri courses are oversubscribed, ensuring a strong pipeline of farmers in the future.”
The gap between farmer borrowing and farmer deposits has closed over recent years. The debt level remains below £1bn for the 8th successive quarter while deposits are slightly over £600m. The bank remains keen to lend to the sector.
Cormac McKervey, Ulster Bank’s Head of Agriculture; Mark Crimmins, Ulster Bank Regional Managing Director; Rhonda Geary, Operations Director at the RUAS, and Richard Ramsey, Ulster Bank’s Chief Economist.
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