The Clare Chairman of the ICMSA claims the selling off of loans to vulture funds would be a disaster for farmers and rural Ireland.
Martin McMahon says the closure of bank branches has ended the relationship between local bank managers and customers, which was key for farmers seeking to borrow money.
The O’Callaghan’s Mills farmer says restructuring loans to coincide with farm payments was a possibility in the past but would no longer be the case if transferred to vulture funds.
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He’s pointed to an extremely difficult winter this year, and says the outlook is bleak for farmers if they can’t work with their lenders to come up with the best repayment options.
