This article is from page 6 of the 2013-10-29 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 6 JPG
OLDER Clare farmers are facing fresh banking difficulty this winter with the news that ACC Bank is to close all its branches and switch to online-only banking.
The bank, which lends primarily to farmers and small businesses, said in a statement that its agri-division will continue to be a regulated entity and will support its customers in the farming sector.
With the average age of a Clare farmer now 55, fears have been expressed that many of the county’s farmers may not be technologyminded enough to access their accounts and may be forced to transfer loans to other lenders and a higher interest rate.
While many Clare farmers look to have dodged a second successive winter fodder shortage following the longer than expected summer, many farmers could still find themselves in need to credit to purchase feed if we get a repeat of this year’s poor spring in 2014.
Clare ICMSA chairman Martin McMahon said the announcement will cause “huge difficulties” for older Clare farmers and will also increase rural isolation.
“This is another example of rural life being eroded away. A lot of Clare farmers, especially the older ones, just won’t be able to switch to online banking. When your age profile of farmers in Clare this is going to create a lot of difficulty,” said the O’Callaghan’s Mills farmer.
“It’s okay for the younger generation. But the older farmers will have no choice but to move their accounts if they can. If they have loans, their interests rates will certainly go up. Some farmers might not be able to transfer their loans to other banks and I’m not sure what they will do,” he said.
“Thankfully the worst of the fodder crisis may be behind us. But if we have another late summer next year then farmers will be looking for credit with banks to buy feed. Who knows how this change with ACC Bank will affect this,” the chairman added.