The figure takes account of all transactions carried out with the main banks during the twelve months ending September 30th past and represents a year on year increase of 5%.
These figures were confirmed to Farming Life by the Northern Bank's Head of Agriculture John Henning at this week's Winter Fair.
"The latest borrowing trends show that the main banks have remained committed to agriculture at a time when farming was under tremendous economic pressure," he added.
"We recognised the significant challenges confronting the industry during a period of tremendous turmoil for the economy as a whole and reacted accordingly."
But of equal significance was Mr Henning's confirmation that Single Farm Payment (SFP) allocations are now reaching farmers' bank accounts.
"DARD has committed to paying up to 90% of producer allocations over the next few weeks. Obviously, the quicker this money is made available the better it will be for the finances of agriculture as a whole," he further explained.
Mr Henning went on to point out that SFP payments will have a tremendously positive impact on the cash flow of the entire farming industry.
"In some cases farmers will be using the money to pay outstanding bills. For others it will be a case of replenishing savings accounts that were depleted in response to the cash flow problems that have affected many farming businesses throughout 2009," he commented.
However a number of farmers who spoke to Farming Life at the Winter Fair explained that they will not be getting their SFP payments for at least six months.
"In my case the delay has been caused by a cross compliance inspection," explained a Co Armagh milk producer.
"I have had to endure a pretty terrible 12 months," he added.
"But the recent rise in milk prices is giving most dairy farmers a degree of confidence in the future."