Hugh Reynolds, a farmer from Coole, Co Westmeath, is under repeated pressure to repay Capital Cerberus Management, a firm that bought his loan from a pillar Irish bank.
“They’ll accept nothing less than the full amount, they won’t accept instalments,” Reynolds told the Irish Farmers Journal.
The so-called vulture fund put up 44ac of farmland for auction in February. They took the land off the market but Reynolds has now been told that the land is up for auction again.
“I went up to the vulture fund’s office in Dublin but they told me to contact a middleman in Link Asset Management Services who said they want the payment ASAP. “It’s farmers they’re targeting. My assets are worth around three times what I owe. There’s a huge worry that you could be left by the side of the road,” Reynolds concluded.
Department of Agriculture link to vulture fund agent
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