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Up to 60 farmers took part in an IFA protest against AIB’s sale of farm loans to an overseas vulture fund outside the bank’s AGM in Dublin on 24 April.
It’s understood that 100 farm loans were included in the loan sale at the beginning of April to Everyday Finance, an affiliate of so-called vulture fund Cerberus.
Martin Stapleton, IFA farm business chair, criticised the bank for selling the loans of “genuine farmers who have been trying to pay and engage” with AIB.
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“It’s impossible to understand why the government would facilitate AIB in doing that,” Stapleton said, pointing out taxpayers held a 71% share in the bank. The alleged sale of farm loans belonging to genuine farmers counters assertions made by the chief executive of AIB Colin Hunt who told an Oireachtas Committee: “Our clear preference is to restructure on case-by-case basis with customers who engage.”The IFA now intends to hold protests outside AIB branches around the country.
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