'Banks are not allowing indebted farmers sell sites to their children'
It has been claimed that banks are not allowing indebted farmers to sell sites to their children.
In a Seanad Debate this week, independent Senator, Frances Black (the former singer) was extremely critical of financial institutions and their interaction with farmers.
She said in rural Ireland, “farms are being repossessed and lands that have been in families for generations are being sold off by vulture funds”.
According to Black, some banks are selling off agricultural debts to multinational property asset companies which she said “subsequently demand immediate payment of moneys owed”.
“Fears are growing that an entire generation of farmers could be wiped out, stalling hopes of a sustainable rural recovery.
“Vast tracts of lands are now in the hands of vulture funds and farmers are under immense pressure. When farmers lose their land, they not only lose an asset but also their income,” Black warned.
Black also claimed that another serious issue which is emerging is the refusal of banks to release sites to the sons or daughters of farmers who are paying off a loan.
She also highlighted that the stress and anxiety experienced by these farmers has led to ‘countless suicides’.