Up to 28,285ac of farmland across Ireland is controlled by so-called vulture funds. The Irish Farmers Journal can exclusively reveal this information after analysing almost 9,000 documents received under the Freedom of Information Act from the Land Registry Office.
A county breakdown of farm mortgages held by several subsidiaries of US vulture funds Cerberus and Lone Star showed that the highest concentration of land was in Co Mayo, with 18,957ac controlled by various vulture funds.
Farmers’ distress
Farmers have increasingly contacted the Irish Farmers Journal to express distress at their treatment by vulture funds, reporting difficulty in negotiating with receivers and forced land sales.
In response, a spokesperson for Cerberus stated: “Consensual resolutions are always our preference and account for the overwhelming majority of our outcomes.”
New legislation to strengthen control of vulture funds is currently being worked on by Minister for Finance Paschal Donohoe and Fianna Fáil TD Michael McGrath.
“The bill would require that owners of credit and those who direct strategy or take key decisions in relation to loans be authorised and regulated by the Central Bank,” a Department of Finance spokesperson stated.
However, banks have not ruled out future loan sales, with both Permanent TSB and AIB selling portfolios containing farm loans this year.
Read more
Nine farms included in Permanent TSB loan sale
Goodman firm swoops in on family farm
Longford farmer fights vulture fund sale
Farmland in every county held by vulture funds
Up to 28,285ac of farmland across Ireland is controlled by so-called vulture funds. The Irish Farmers Journal can exclusively reveal this information after analysing almost 9,000 documents received under the Freedom of Information Act from the Land Registry Office.
A county breakdown of farm mortgages held by several subsidiaries of US vulture funds Cerberus and Lone Star showed that the highest concentration of land was in Co Mayo, with 18,957ac controlled by various vulture funds.
Farmers’ distress
Farmers have increasingly contacted the Irish Farmers Journal to express distress at their treatment by vulture funds, reporting difficulty in negotiating with receivers and forced land sales.
In response, a spokesperson for Cerberus stated: “Consensual resolutions are always our preference and account for the overwhelming majority of our outcomes.”
New legislation to strengthen control of vulture funds is currently being worked on by Minister for Finance Paschal Donohoe and Fianna Fáil TD Michael McGrath.
“The bill would require that owners of credit and those who direct strategy or take key decisions in relation to loans be authorised and regulated by the Central Bank,” a Department of Finance spokesperson stated.
However, banks have not ruled out future loan sales, with both Permanent TSB and AIB selling portfolios containing farm loans this year.
Read more
Nine farms included in Permanent TSB loan sale
Goodman firm swoops in on family farm
Longford farmer fights vulture fund sale
Farmland in every county held by vulture funds
This is a subscriber-only article
SHARING OPTIONS: