Some vulture funds have increased pressure on farmers and informed them that their farms are at risk of immediate repossession if they do not receive full repayment on outstanding loans.“I’m getting an increased number of calls from farmers in trouble,” ICSA rural development chair Seamus Sherlock told the Irish Farmers Journal.
Some vulture funds have increased pressure on farmers and informed them that their farms are at risk of immediate repossession if they do not receive full repayment on outstanding loans.
“I’m getting an increased number of calls from farmers in trouble,” ICSA rural development chair Seamus Sherlock told the Irish Farmers Journal.
“Farmers fear that they will be classed as failures, but there’s no such thing as ‘failure’, it’s just the situation they’re in and a solution can be found,” Sherlock said.
Farmers with loans previously held by Ulster Bank and what was ACC Bank, seem to be the most affected.
Minister for Finance Paschal Donohoe, has stated he is working on legislation to regulate vulture funds.
AIB and Permanent TSB have not ruled out a sale of non-performing loans, and last week AIB confirmed that it was considering selling farm loans.
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AIB ‘can’t rule out’ farm loan sales to vulture fund
Department of Agriculture link to vulture fund agent
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