Farmers hit the Minister, who said that the vulture funds is easier than with banks

  • Farmers hit the Minister, who said that the vulture funds is easier than with banks
    FarmIreland.t. E.
    President of the Association of Irish farmers, Joe Healey hit on recent comments from Junior Finance Minister Michael D’arcy, who said that the vulture funds easier compared to banks, describing them as ‘a big disappointment’.
    https://www.independent.ie/business/farming/agri-business/finance/farmers-hit-out-at-minister-who-says-vulture-funds-are-easier-to-deal-with-then-banks-37222721.html
    https://www.independent.ie/incoming/article37091618.ece/02a25/AUTOCROP/h342/81Michael%20D1Arcy1Fi.jpg

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President of the Association of Irish farmers, Joe Healey hit on recent comments from Junior Finance Minister Michael D’arcy, who said that the vulture funds easier compared to banks, describing them as ‘a big disappointment’.

Minister D’arcy said that in his personal experience, funds that buy up troubled mortgages, are interested in doing deals with homeowners.

His comments came after Ulster Bank sold 5,200 mortgages in the US firm cerberus, which debt activists say, to see the people “to the wolves”.

Mr D’arcy told the Irish independent policy that some analysts look at the situation too simplistically.

“My sense is that the Irish banks have decided that they are not going to do a write-off. I know that the funds actually accept what they can do,” he said.

However, the President of IFA Joe Healy said in the comments of the Minister, which is extremely disappointing and that we had no experience in the Affairs of the organization involved.

“This is a concern that someone in an elected body will have the same view as people will rely on him to deal with it.”

“This is an excuse to say the vulture funds should not be regulated. They do, and government needs to happen,” he said.

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Was just over 171 million hectares of land in the European Union (EU), used for agricultural production in 2016 – about 40 PCs of all EU land. It supports approximately 10.3 m farmers and farm managers.

“Although it can be difficult to deal with banks, they are regulated and because they are interested in a new business, they should at least be mindful of how they treat their existing customers,” he said.

IFA urges farmers to ‘move away’ from the forced sale of agricultural land, as it is estimated that at least 150 000 hectares of land is under threat of forced sale.

“Faceless funds that have no clue about agriculture hellbent upon the destruction of the families while feeding on the carcass of the family farm,” said he.

He said that debt restructuring should be based on ability to pay.

“Farm families should be given time to pay their debts for a longer period to keep the farm intact. Farmers are particularly vulnerable because the security is usually much higher relative to the cost of credit than other SMEs.

It is not acceptable for vulture funds, to force the sale of the land and cash in debts they bought from the Bank, when there is a real alternative”.

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