David Hall wrote in today’s Sunday Business Post that the Irish farming community faces ‘farmageddon’ if more farm-related debt is passed on to vulture funds.
He says that banks currently control much of Ireland’s farm-related debt, but that many of these loans may be sold to vulture funds, “with disastrous consequences for rural families and communities”.
Mr Hall goes on to say that with over 30,000 family home loan accounts are in arrears by two years or more, but that farm families are “worst affected”.
“For a farmer in mortgage arrears, it is not just the family home that is at risk; it also includes the family business, income and livelihood, often for a number of family members.”
He writes that agri-lending was…
Read the full article at: https://www.independent.ie/business/farming/agri-business/finance/calls-for-farmers-to-get-unique-finance-restructuring-solutions-to-avoid-being-destroyed-36465057.html