Farmers hit out at Minister who says vulture funds are easier to deal with then banks
Irish Farmers Association President, Joe Healy has hit out at recent comments from junior Minister for Finance Michael D’Arcy who said that vulture funds are easier to deal with compared to the banks describing them as ‘extremely disappointing’.
Minister D'Arcy said that, in his personal experience, funds who buy up distressed mortgages are interested in doing deals with homeowners.
His comments come after Ulster Bank sold 5,200 mortgages to US firm Cerberus, in a move that debt campaigners say will see people "thrown to the wolves".
Mr D'Arcy told the Irish Independent that some analysts are taking a view of the situation that is too simplistic.
"My sense of it is that the Irish banks have made a decision that they aren't going to do write-offs. I know funds actually take what they can get," he said.
However, IFA President Joe Healy said the Minister’s comments where extremely disappointing and that has not been the experience in the cases his organisation have dealt with.
“It's a cause for concern that somebody in elected office would have such a view as people would be relying on him to sort this out.”
“It’s a cop out to say vulture funds don’t need to be regulated. They do, and the Government needs to make it happen,” he said.