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Vulture fund sales must be stopped – Kenny

26 May, 2016 - by Martin Kenny TD

Speaking in reaction to the news that the Ulster Bank is to sell €100,000,000 in agricultural loans, Sinn Féin Agriculture spokesperson Martin Kenny TD said that the bank’s reassurances were no comfort.

The Sligo Leitrim TD said:

“The bank telling us that the loans do not belong to ‘typical customers’ is no comfort. They are the loans of people who have gone into arrears with their loans and have been in arrears for some time. This, unfortunately, is becoming very typical across Ireland.

“What is worrying is the process by which a significant portion of agricultural land is on international markets and going out of the hands of Irish farmers for a knock-down price.

“This amounts to selling off Ireland, the very soil that is her makeup, and has disastrous consequences for this country.

“The government has a responsibility to step in and stop this happening. Our Finance spokesperson, Pearse Doherty TD has been in contact with the Ulster Bank to ask them to give first option to the farmers who have the loans.

“The response was that they were not in the business of writing off loans, but the serious consequences of large swathes of land falling into the hands of vulture funds merits intervention by government.

“The land of Ireland is not for sale and this activity must be stopped.” 

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