The IFA is calling for action to address what it calls “excessive” interest rates for farmers and small businesses.

It comes ahead of a Dáil debate this evening on variable rate mortgages.

Legislation prepared by Fianna Fáil proposes to give powers to the Central Bank to set a maximum interest rate, if there’s a failure in competition in the market.

The IFA has said the lack of competition in the Irish banking sector has led to interest rates far in excess of other EU countries, which has a severe effect on farming and the agri-food sector; and puts Irish farmers at a competitive disadvantage.