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The McCann family were joined by farm organisations on their farm to protest against the forced sale of their land.
Gerard and his brother Michael are facing losing their 38ac dairy goat farm in Trim, Co Meath when it goes up for sale on the online auction site BidX1 next week.
There’s been to’ing and fro’ing and we’ve been trying to negotiate
The brothers bought the farm in 2007 with a loan from Ulster Bank. However, in March 2017 Ulster Bank sold the loan to so-called vulture fund Promontoria.
“If they go ahead with this sale they’ll leave us without a home and a farm, which is running as a viable business,” Claire McCann, Michael’s wife told the Irish Farmers Journal.
“We paid back over €500,000, and even sold a site worth €80,000 to give the money to Ulster Bank, but after we bought the farm the recession hit and the money wasn’t coming fast enough for the bank and they sold it to a vulture.”
To’ing and fro’ing
“There’s been to’ing and fro’ing, and we’ve been trying to negotiate with the vulture fund but they haven’t accepted any of our offers.”
“BidX1 have the sale going ahead next week and have valued the 38ac at €250,000. It’s considerably less than what we would have accepted from a voluntary sale and we’re worried we’ll be left with any overhanging debt.”
"Michael's father tried to help us repay the debt, and now the vultures are trying to sell 20ac of his land from the home farm."
"The pressure has been immense but we've got a daughter and it's important to try and keep the show on the road for her."
Vulture funds have no understanding of the family farm
IFA farm business chairman Martin Stapleton said the association's debt support team had looed at the case in detail, sought professional advice and found that the farmer had a credible proposal to make structured repayments. “Vulture funds have no understanding of the family farm and they are focused only on getting their money. It is not acceptable for vulture funds to force a sale of land and cash in debts they have bought from a bank when there is a viable alternative,” Stapleton said.
Rural Development chair of the ICSA Seamus Sherlock said that they were extremely disappointed with the behaviour of the vulture fund.
“We’re very surprised that the vulture fund hasn’t tried to deal with them. I still think that it’s up to the authorities to regulate these vultures,” Sherlock told the Irish Farmers Journal.
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