The Glanbia Advance Payment (GAP) Scheme will help farmers when prices fall to a certain point, which should support those struggling with financial issues.
Milk and grain are the two products that will be protected by ‘price triggers’. When prices fall below a certain point, there will be the option of interest-free loans available to those who are members of their co-op.
The ‘price trigger’ levels will be set by the co-op board, and once market levels begin to rise above these levels, payments can commence. This is intended to protect farmers from market volatility.
The GAP scheme will run from now until December 2020, and approximately €55 million has been invested into the scheme.