$10M more for farm refinance
Parliamentary reporter The Rural Bank is to get at least another SIOM this year for refinancing accumulated seasonal farm debts incurred through development which has resulted in increased production. The Minister in charge of the Rural Bank (Mr D. Maclntyre) said that the SIOM would be in addition to the extra funds for development announced yesterday by the Prime Minister. Mr Maclntyre said assistance would also be considered where it was neces-
sary to provide access to reasonable seasonal requirements, and to let further development go on in an orderly manner. This would enable the Rural Bank to carry out some longer term restructuring of farmers’ debts and help liquidity in the industry. Normal conditions for security and viability would apply; the interest rate would be 91 per cent, and repayment terms would be tailored to individual requirements. Applications would be accepted immediately by the Rural Bank.
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Press, 31 October 1977, Page 12
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152$10M more for farm refinance Press, 31 October 1977, Page 12
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