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Agricultural Loans: Six Monthly Review

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A decision made 21 March 2014:

Decision Reference: MD-E-2014-0018

 

Decision Summary

Title :

 

Agricultural Loans – 31 December 2013 Report

Date of Decision Summary:

 

Decision Summary Author:

Rural Economy Finance & Team Supervisor

Decision Summary:

Public or Exempt?

(If Exempt state clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title:

Agricultural Loans – 31 December 2013 Report

Date of Written

Report:

07 March 2014

Written Report  Author:

Rural Economy Finance & Team Supervisor

Written Report :

Public or Exempt?

(If Exempt State clauses from Code of Practice booklet)

Public

 

Subject: Agricultural Loans: to inform the Economic Development Minister on the current situation with regard to Agricultural Loans.

Decision(s): The Minister noted the current status of existing Agricultural Loans.

 

Reason(s) for decision: Required six monthly review.

 

Resource Implications: None

 

Action required: Director of Environmental Management and Rural Economy to send copies to the Finance Director and the Treasury and Resources Minister to note.

 

Signature: 

 

Position:

 

Minister

Date Signed:

 

Date of Decision:

 

Agricultural Loans: Six Monthly Review

ECONOMIC DEVELOPMENT MINISTRY 

 

Date:  7 March 2014

 

AGRICULTURAL LOANS – 31 December 2013 Report

 

INTRODUCTION

 

This report is to inform the Economic Development Minister on the current situation with regard to Agricultural Loans.

 

Current Status

 

 Table 1 - Agricultural Loan statistics as at 31 December 2013:

 

 

31/12/2011

31/12/2012

31/12/2013

Total number of ‘live’ loans

42

37

26

Total number of borrowers

30

26

18

Total amount outstanding

£1,422,145

£1,134,598

£981,753

Number of loans in arrears

6

9

7

Number of borrowers in arrears

4

5

4

Total amount of arrears

£63,840

£68,589

£61,405

 

 

Table 2 - Analysis of loans in arrears as at 31 December 2013:

 

 

Detail

No. of

Borrowers

No. of

loans

 

Amount of

arrears

Cases with agreed way forward

           3

6

£59,405

30 day notice

 1

1

      £  2,000

Total

4

7

£61,405

 

This shows an improvement on the same time last year, when the arrears were £68,589.

 

CONCLUSIONS AND RECOMMENDATIONS

 

The position with regard to the arrears has improved in the last year.  Rural Economy are continuing to reduce the small number of borrowers who have long outstanding arrears, through continuing a dialogue and renegotiating the pay back period to enable more affordable levels of payment and making more use of standing order mandates.

 

The Economic Development Minister is invited to note the position.

 

 

Written by:     Rural Economy Finance & Team Supervisor

 

Approved by: Director

                      Environmental Management and Rural Economy

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