Farming communities are no different to any other sector in society when it comes to the risk attached to vulture funds, ICSA chiefs have warned
ICSA rural development chairman Seamus Sherlock has said revelations by Permanent TSB and AIB before the Oireachtas Finance Committee will serve only to deepen the fears of many farm families whose loans have been sold or may be sold to vulture funds.
“Nobody, it would appear, is safe from being swallowed up by vulture funds and once you’re in their grip it’s very difficult to get out in one piece,” added Mr Sherlock.
“Unfortunately, this is particularly true for farm families.”
He went on to say that farms had been, and will continue to be, included in portfolio sales of loans by these banks.
“We also know that these loans are usually secured by land deeds exceeding the value of the loan, making the prospect of a quick sale by vulture funds more attractive than negotiating a reasonable solution with borrowers,” the rural development chairman continued.
“ICSA has been assisting many farmers who have found themselves in this position; there is no compassion shown on the part of the vulture funds, only a reluctance to engage.”