The IFA announced on Wednesday 25 April that they were ramping up their campaign in opposition to the forced sales of family farms by vulture funds.
“The faceless funds, which have no understanding of farming, are hellbent on destroying families while feeding on the carcass of the family farm,” IFA president Joe Healy said.
He called on the farming community to stand together and avoid buying farms from farmers through forced vulture fund sales.
There has been a point blank refusal to engage with us
It had been thought that vulture funds would be willing to write down debt where banks would not, but Healy stated the IFA Debt Support Service had become increasingly frustrated by the tactics of the vulture funds.
A number of vulture funds have been present in the Irish financial sector since the financial crash, including private equity firms such as Cerberus, Lone Star and Goldman Sachs.
“The Ulster Bank loan sales to Promontoria/Cerberus have created an enormous problem, both because of the number of cases and the ever-increasing aggressiveness with which they are dealing with our farmers.
"With Link Asset Services, which is managing the loans on behalf of Promontoria, there has been a point blank refusal to engage with us,” said IFA Farm Business chair Martin Stapleton.
Debt restructuring
The IFA has stated that farmers should be given more time to restructure debt.
“Farm families should be given the time to repay their debts over a longer term to keep the farm intact.
“It is not acceptable for vulture funds to force a sale of land and cash in debts they have bought from a bank at a reduced value,” the IFA stated.
The organisation is calling on:
Potential buyers not to buy land that is being forcibly sold by vulture funds without the permission of the farmer.Solicitors, auctioneers and advertisers not to engage in forced sale transactions where a farmer is making a genuine attempt to put a credible repayment plan in place.Seeking Government intervention to implement legislation that will regulate vulture funds and protect borrowers.AIB loan sale
The IFA has said that another potential sale of farm loans would be “catastrophic”.
AIB has stated that they cannot rule out a potential sale of farm loans to vulture funds and the IFA has arranged to meet with the bank to discuss the issue.
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Vulture funds send in the receivers
The IFA announced on Wednesday 25 April that they were ramping up their campaign in opposition to the forced sales of family farms by vulture funds.
“The faceless funds, which have no understanding of farming, are hellbent on destroying families while feeding on the carcass of the family farm,” IFA president Joe Healy said.
He called on the farming community to stand together and avoid buying farms from farmers through forced vulture fund sales.
There has been a point blank refusal to engage with us
It had been thought that vulture funds would be willing to write down debt where banks would not, but Healy stated the IFA Debt Support Service had become increasingly frustrated by the tactics of the vulture funds.
A number of vulture funds have been present in the Irish financial sector since the financial crash, including private equity firms such as Cerberus, Lone Star and Goldman Sachs.
“The Ulster Bank loan sales to Promontoria/Cerberus have created an enormous problem, both because of the number of cases and the ever-increasing aggressiveness with which they are dealing with our farmers.
"With Link Asset Services, which is managing the loans on behalf of Promontoria, there has been a point blank refusal to engage with us,” said IFA Farm Business chair Martin Stapleton.
Debt restructuring
The IFA has stated that farmers should be given more time to restructure debt.
“Farm families should be given the time to repay their debts over a longer term to keep the farm intact.
“It is not acceptable for vulture funds to force a sale of land and cash in debts they have bought from a bank at a reduced value,” the IFA stated.
The organisation is calling on:
Potential buyers not to buy land that is being forcibly sold by vulture funds without the permission of the farmer.Solicitors, auctioneers and advertisers not to engage in forced sale transactions where a farmer is making a genuine attempt to put a credible repayment plan in place.Seeking Government intervention to implement legislation that will regulate vulture funds and protect borrowers.AIB loan sale
The IFA has said that another potential sale of farm loans would be “catastrophic”.
AIB has stated that they cannot rule out a potential sale of farm loans to vulture funds and the IFA has arranged to meet with the bank to discuss the issue.
Read more
Vulture funds ramp up repossession threats
Vulture funds send in the receivers
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