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Ulster Bank and Teagasc launch e-Profit Monitor Initiative

Ulster Bank is offering farmers €250, lodged into their Ulster Bank business current account, if they fill out a Teagasc e-Profit Monitor report for 2010.

Launching the new initiative this week Dr. Ailish Byrne, Senior Agricultural Manager with Ulster Bank said: “We recognise the importance of financial management at farm level and we encourage the use of the Teagasc e-Profit Monitor.” New and existing customers can avail of the offer but must use their Ulster Bank business current account as their main farm business current account for at least two years. Farmers must mandate their single farm payment to the account and ensure all farm sales proceeds are lodged into the account. All interest rates are calculated on a case by case basis.

The Teagasc e-Profit monitor is a tool to help farmers measure the profitability of their farming enterprise. It also analyses the financial performance of the farming business and is used to plan the business for the year ahead. Dr. Tom Kelly, Director of Knowledge Transfer in Teagasc, said; “completing a Teagasc e-Profit Monitor for your farm business for 2010 is the most important first step in planning and preparing for the year ahead. Over 2,000 farmers filled out the Teagasc Profit Monitor for 2009. Three quarter of farmers who filled it in were dairy farmers, with 250 cattle, 50 sheep and 220 farmers with mixed farming enterprises.

“The e-Profit Monitor allows you to easily identify input costs that are higher than average or output sales that are below average, so that these can be addressed next year”, said Tom. To avail of the €250 the farmers must have completed the e-profit monitor by 31st April 2011.

Pictured announcing details of the new Ulster Bank/ Teagasc e-Profit monitor Initiative are (L-R): Dr. Ailish Byrne, Senior Agricultural Manager, Ulster Bank; Dr Tom Kelly, Director of Knowledge Transfer, Teagasc; Prof Gerry Boyle, Director Teagasc; Peter McKenna, Senior Manager - Business Banking, Ulster Bank