Hotline to aid farmers

Press, 27 December 1985, Page 10

Hotline to aid farmers

NZPA-AAP Canberra The Natiooal Fanners’ Federation has established a cffa& finne ” fiD#lh The toll-free number will the preparation of loan applications, and cash analy--1 sis»' • • The federation’s senior vice-president, Michael Shanahan, said the hotline was the first move by the Interest Rate Taskforce, which has released its first re^The’taskforce found there was widespread confusion among farmers who needed expert information on difficulties caused by increasing interest rates and the costprice squeeze. A second report to be released early next year will identify the impact of interest rates on present Government policies. Mr Shanahan said that the hotline had been staffed with fhe- aid. ;of -the. Com- ‘ •

■lerredte oti>erbaßto,wal. SdflSal adriaors,” he “Sr Shanahan raid tee hotline would be tee first step in a programme to monitor rural > financial problems SSSSt’KSS* tween the federation, Government reprehentatives, and tee main banks. The taskforce also found that many, {viable farmers paying ratesbfabout 21 per cent did not need? to; fanners should use the facilities provided by the Commonwealth ?,, Development Bank; merchant banks were unlikely to provide avenues for reducing financial difficulties; strong advice should be given against farmers’ undertaking unhedged offshore borrowing; a caution that loss of full ownership was one of the penalties for entering a trust should be given; and that farmers must shop around to get the best deal in finance.and. approach-the