Farmers have already applied for up to 50% of the available TAMS II funding, according to a recent Department of Public Expenditure and Reform review.
The funding available for the seven-year scheme is set at €395 million. Farmers are now looking to make use of over half of the available funds. Only 6% of the available funding has been paid out thus far, due to a majority of projects remaining incomplete.
The figures were examined last week as part of a review by the Department of Public Expenditure and Reform. In total so far there has been 8 tranches of applications from farmers, with farmers who received approval given a 3-year window to complete any work.
The Department Of Agriculture has cut this window short, for any applicants from TAMS 6 and onwards. It is thought this is to put a stop to the underspend in the scheme. Farmers have been given a shorter deadline of between 6 months and one year to complete all investment work, depending on the type of investment
The review, carried out by the Department of Public Expenditure and Reform, said in the review that €54.5 million worth of applications approved will have expired by 2019. It also reported that €34.6 m of the outstanding approvals will expire by the end of 2018. Finally, it reported that a total of €69.8 million of outstanding applications which have been approved will expire by the end of 2020.