IFA President Joe Healy has expressed concern at today’s announcement by Ulster Bank of its plan to sell €100m of agri-loans as part of a total distressed loan book disposal of €2.5bn.
Joe Healy said, “Following IFA meetings with Ulster Bank senior executives in March and early April, Ulster Bank had written letters to all farming customers inviting them to engage by May 31st which was two months later than the bank’s initial deadline”.
The IFA President added, “IFA expects Ulster Bank to be flexible with the 31st May timeframe and to work constructively with farming customers who are actively seeking a workable solution that would allow them to remain with Ulster Bank if they wish”.
IFA Farm Business Chairman Martin Stapleton concluded, “I am encouraging Ulster Bank farming customers who are concerned about the loan sale to make contact with their relationship manager. At no time should farm loans be sold by a bank where there is a genuine borrower actively engaging to identify a viable repayment plan”.