The so-called vulture fund Cerberus has backed down from a forced sale of land in Westmeath.

The 44ac farm, located in Coole, Co Westmeath, has been advertised on the online auction site BidX1 three times since the beginning of the year and Hugh Reynolds, the farmer involved in the case expressed distress at the situation.

Bidders on the online auction site have the option to remain anonymous and land sold under auction is subject to an immediate binding contract.

“I’ve made them a reasonable offer to buy back the farm but they won’t take it,” Reynolds said.

The auction was due to go ahead this Thursday.

“They haven’t been in touch after refusing my offer. I don’t know where it’s going to go from here,” Reynolds said, adding that the cat-and-mouse game the vulture fund was playing was causing a great deal of distress to him and his family.

“It’s good-quality land but they had it up at a guide price of €5,000/ac, which is ridiculous.

“They’ve also advertised it as ‘vacant possession’ but I have a tenant on the land.”

Central Bank

This week, the Central Bank published a report outlining its satisfaction that vulture funds were dealing fairly with customers. Minister for Finance Paschal Donohoe welcomed the report. However, Fianna Fáil spokesperson for finance Michael McGrath said it failed to recognise that vulture funds had “provided only 6% of all restructure arrangements between April 2017 and March 2018”.

McGrath pointed out that vulture funds own 10% of all loans in arrears and 19% of all loans in long-term arrears.

Independent TD Michael Fitzmaurice also rubbished the report, calling it “a load of bull”.

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