Ulster bank sells €2.15bn worth of distressed loans
Ulster Bank announced that that they have sold €2.15bn worth of distressed loans in the Republic of Ireland to US Investment Firm, Cerberus, of which some 5% (€125 million) relates to loans given to farmers
Chairperson of ICMSA Farm Business Committee, Lorcan McCabe, said this was a matter of huge concerns and left farmers in“No-Man’s Land” in terms of the future of their farming enterprise.
Mr. McCabe expressed his disappointment that Ulster Bank believed this was the only viable outcome. He pointed out that 2016 has been very challenging year financially for farm families all across the country and he said this sale will undoubtedly compound the stress and uncertainty already present for the families involved.
Mr. McCabe stated it is imperative that farm families are treated in a fair and reasonable manner and that they immediately receive cleaar and precise communication, both from Ulster Bank and Cereberus as to how the cases and loans will be handled.