URGENT ACTION REQUIRED AS LOAN SELL-OFFS BY PILLAR BANKS RAMP UP

15 FEBRUARY 2018

ICSA rural development chairman Seamus Sherlock has said he is appalled at the decision by Permanent TSB to place €4.5bn of its loans on the market. Commenting on the move Mr Sherlock said, “Selling off these loans at a fraction of their value means the vultures will be circling around in no time, looking to make big money at the expense of hard pressed families.”

“The volume of the loans being off-loaded is extremely alarming. The outlook for those who find themselves in the position of having their loans sold off can only be described as grim. Any protection they had will be grossly undermined by being forced to deal with new loan masters whose only interest is to profit from them.”

Continuing Mr Sherlock said, “There is also a real danger of other banks following suit. I would implore upon any of the other banks who may be thinking of doing the same to reconsider. We cannot allow countless homes and family farms to be put up for grabs in a free for all. Negotiating any reasonable solution with private equity firms is notoriously difficult when all they are interested in are quick sales with people who find themselves in precarious situations.”

“ICSA has been assisting farming families whose loans have been sold on, but the numbers look likely to skyrocket unless we can call time on throwing people under the bus like this. I am calling on Minister Paschal Donohue to intervene as a matter of urgency.”

ENDS