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The Irish Cattle and Sheep Association (ICSA) has met with MEPs in Brussels this week to discuss the issue of vulture funds in Ireland.
Speaking to the Irish Farmers Journal, the ICSA rural development chair Seamus Sherlock said: “We went as part of an ICSA delegation to Brussels to discuss a range of issues, including vulture funds.
“I spoke to MEPs Deirdre Clune and Marian Harkin on the growing issue of vulture funds in Ireland.
“It’s an issue that seems to be getting worse and farmers are increasingly concerned about the situation.
“It’s a very worrying trend to see banks selling loans to vulture funds and we would be encouraging banks to try to restructure their loans and take into account the fact that farmers have been good customers to them over the years.
“The family farm depends on the banks and we’d be hoping that banks would be willing to negotiate with farmers,” Sherlock concluded.
Vulture fund
This week, Hugh Reynolds, a farmer from Westmeath, contacted the Irish Farmers Journal to highlight his case, where a vulture fund had bought his loan and were proposing to sell his farmland without his permission.
“I had a loan out of a bank and it went bad. I tried dealing with the bank on a few occasions but they wouldn’t listen to me and they sold my loan to a vulture fund for what I’ve been told was 20% of its value,” Reynolds said.
“Now the land is for sale in an online bidding auction on 28 February and I can’t register for it and none of my family can register for it.”
The land comprises 44ac in Coole, Co Westmeath, and is currently on sale at €5,000/ac, which Reynolds says is far below the market value of the land.
“I have no problem if I owe money, but I want to be in charge of the sale of my own land,” the farmer said.
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