IFA plans national campaign against sale of AIB farm loans
The IFA is to launch its a national campaign against AIB’s plans to sell certain farmer loans as part of its most recent loan sale.
The IFA will tomorrow, Wednesday, April 24, have a presence outside the AIB AGM in Dublin.
AIB has confirmed a controversial €1bn sale of bad loans, including mortgages, to US fund Cerberus.
The sale, will see the portfolio acquired by Everyday Finance as part of a consortium with Everyday and affiliates of Cerberus Capital Management.
The bank said the collateral is mainly buy-to-let and investment properties but includes some farm land.
The portfolio consists of 2,200 non-performing customer loans, around 95pc of which have been non-performing for over two years.
IFA President Joe Healy has previously said farmers view banks who sell their loan books as abdicating their responsibility to see through their dealings with their customers.
“There is a loss of confidence in the banks among the farming community. They have to recognise this and provide all possible solutions to a borrower before the sale of loans.”
Last year, the IFA took an active role in opposing the forced sale of lands in Co Meath by the fund Promontoria, which it claimed was trying to force a family to sell some of their land to settle debts.
The IFA placed signs on the lands objecting to their forced sale and said they would be standing with the farmers opposing the sale.
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