Farm BusinessVulture Funds

IFA Comments on AIB Loan Sale

Commenting on today’s loan sale by AIB, IFA President Joe Healy said the Association has had significant and ongoing engagement with AIB in recent weeks, during which AIB gave a commitment to IFA that any family farm homes would be excluded from any loan sales.

Joe Healy acknowledged that this commitment had been met in today’s statement, but said he remained concerned that some investment loans secured against farmland may be included.

The President and Farm Business Chairman Martin Stapleton held a meeting with AIB last week and discussed a range of issues affecting the farming community, including the resolution of non-performing loans in arrears.

They stressed the Association’s strong opposition to farm loans being included in any sale of non-performing loans. IFA will resist any forced sale of farmland by vulture funds.

AIB advised that most farm borrowers in financial difficulty have engaged and have had loans restructured. AIB also said it will not include restructured loans that are performing to agreed terms in any future potential loan sales.

AIB assured the IFA that it will continue to implement sustainable solutions for customers in financial difficulty where they engage with the bank.

Farmers experiencing difficulties with AIB or any other bank can contact the IFA Debt Support Service in confidence on 1890 924 853.

Related Articles