IFA says it will ‘boycott’ sale of repossessed farms by ‘vulture funds’
The Irish Farmers’ Association has said its members will boycott the sale of repossessed farms put on the market by so-called vulture funds.annual general meeting in Dublin on Wednesday, said the bank was including the debts of “genuine” debtors who were making an effort to repay their debts in recent loan sales to “vulture funds”.
If a repossessed farm was put on the market, he said “in effect we will boycott any proposed sale. We have done so in the past and we will do so again”. “We’re not supporting anyone who doesn’t want to pay their loans, but there’s serious hardship out there on farms throughout the country. This from a bank that purports to support farming is totally unacceptable.”The IFA said up to 130 farm loans were included in AIB’s most recent loan sale, Project Beech.
“They wanted to make an agreement, and I wanted to try and make an agreement. I’d have to be paying it off until I was 70 years of age, and I wouldn’t have anything left after that,” he said.
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