May 172018
 

Commenting on the sale of loans by AIB which was confirmed today, the Chairperson of ICMSA’s Farm Business Committee, Mr. Shane O’Loughlin said, it is hugely concerning that a bank majority owned by the State has decided to sell loans at a discount to a third party and the individuals involved are now left at the mercy of this third party.

Mr. O’Loughlin said, that he has been contacted by individuals who are very concerned at this development and it is essential that the people whose loans have been sold are informed immediately along with their rights.   Indeed, some individuals had made proposals to restructure their loans to AIB which were refused by the bank and in the interest of transparency, people should be told at what discount rate their loan was sold.

The state owns a majority shareholding in this bank and given that the state rescued the bank, the details of the sale of these loans should be published and the individuals involved should have been given the right to purchase these loans at that rate.   The reality it would appear is that the banking sector is intent on cleaning up its balance sheet without any regard to the individuals involved and it is about time the state intervened on these people’s behalf.   People have to be given the opportunity to be “rescued” like the bank was, concluded Mr. O’Loughlin.

ENDS    17 May 2018

Shane O’Loughlin (086) 8386031

Chairperson ICMSA Farm Business Committee

Or

ICMSA Head Office: (061) 314677.