Speaking following today’s announcement by Ulster Bank that they have sold €2.15bn worth of distressed loans in the Republic of Ireland to US Investment Firm, Cerberus, of which some 5% relates to loans given to farmers, the Chairperson of ICMSA Farm Business Committee, Lorcan McCabe, has stated that this is a huge concern for the many farm families involved who now find themselves in “No-Man’s Land” in terms of the future of their farming enterprise.
Mr. McCabe expressed his disappointment that Ulster Bank believed this was the only viable outcome. He pointed out that 2016 has been very challenging year financially for farm families all across the country and he said this sale will undoubtedly compound the stress and uncertainty already present for the families involved, facing – as they do – a future where their own viability will very much be determined by the approach taken by Cerberus – whom they would not have heard of before today.
In this context, Mr. McCabe stated it is imperative that farm families are treated in a fair and reasonable manner and that they immediately receive clear and precise communication, both from Ulster Bank and Cerberus, as to how their cases and loans will be handled and progressed.
Ends 10 October 2016.
Lorcan McCabe, 086-3979804
Chairperson, ICMSA Farm Business Committee
Cathal MacCarthy, 087-6168758
ICMSA Press Office