17 JANUARY 2017

ICSA rural development chairman Seamus Sherlock has called on farmers not to be panicked by media reports on the issue of farm debt particularly in relation to private equity firms or so called ‘vulture funds’. Mr Sherlock said “ICSA is well aware that 200 farm loans had been sold to Cerberus and have already held talks with senior management from Cerberus on this issue. ICSA has received assurances that all strategies where family farms are concerned will be explored.”

Continuing, Mr Sherlock added “ICSA has also met with the Central Bank and the Financial Ombudsman in relation to this issue. From day one ICSA has led the way in supporting farm families who find themselves, sometimes through no fault of their own, in this predicament. Many farmers are now faced with trying to secure a resolution with fund managers instead of their traditional bank and ICSA’s aim is to smooth the road to an agreed compromise between the farmer and the new owner of the loan. I would encourage any farmer who finds themselves in this position to contact ICSA.”

ENDS