Banks Must Stop Selling Farm Loans to Vultures
IFA Farm Business Chairman Martin Stapleton has said it’s vital that all possible actions are taken to stop AIB and Rabobank from selling further farm loans to unregulated vulture funds. “Our view is that by selling these loans, banks which approved the loans in the first place are abdicating their responsibilities by throwing their customers to the wolves,” he said.
Figures published in today’s Farmers Journal show some 285 land parcels amounting to over 11,000
ha have a charge registered against them by vulture funds.
Martin Stapleton said for many farmers who are having real problems, their loans still remain with the banks. “Irrespective of who owns the loan, it’s our clear position that farmers have to be afforded time and space to work through a reasonable repayment schedule.”
“AIB and Rabobank are currently considering selling more loans. We have written to both banks seeking a meeting before any more are sold,” he said.
“It was clear during IFA’s recent presentation to the Joint Oireachtas Committee on Finance that there is considerable political support for this position,” he said.
“While Rabobank is privately owned, AIB is part owned by the state and the Government needs to make it known to AIB that they are opposed to selling on loans to unregulated funds” he said.
IFA’s Debt Support Service is now helping hundreds of farmers and members can contact our helpline on 1890 924 853.