The Irish Farmers' Association (IFA) has acknowledged the move by the Department of Agriculture, Food and the Marine (DAFM) to revise the costings for Targeted Agricultural Modernisation Scheme (TAMS), but added that "it doesn’t go far enough".

IFA Rural Development Committee chairman, Michael Biggins said: “We are seeing an unprecedented rise in inflation, meaning the price of building materials such as steel and timber has soared.

Biggins said the department's current system of revising costs is not working and is not able to cope with the pace of changes in the price of materials.

He has called on the Minister for Agriculture, Charlie McConalogue to establish a system to review costings before the opening of each tranche, while this high level of inflation continues.

"It means they won’t receive a rate of grant that is reflective of the actual cost of investment incurred."

The revision of costings announced by the DAFM means increases to costings will range from 5% to 15% across the investment items listed under TAMS.

The minister also announced an increase, from €80,000 to €200,000, in the investment ceiling for the Pig and Poultry Investment Scheme (PPIS) under TAMS, which commenced from the opening of tranche 26 of TAMS on Saturday (April 9).

TAMS provide grants to farmers to build and/or improve a specified range of farm buildings and equipment on their holding.

There are seven schemes under TAMS: