Farm loans

ICSA president says meeting with bankers was 'useful'

Tipperary Star reporter

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ICSA president says meeting with bankers was 'useful'

Seamus Sherlock

ICSA president Patrick Kent has described a meeting with senior management from private equity firms Cerberus and Capita Asset Services as “a very useful engagement”.

Mr Kent was speaking following the meeting in Dublin this Tuesday. The meeting had been arranged to discuss the sell-off of farm loans to private equity firms.

ICSA rural development chairman Seamus Sherlock, who was also part of the delegation of senior ICSA officials present at the meeting, said “ICSA is standing by its commitment to support our members who have been affected, or will be affected in the future if this trend continues, by the sale of their farm loans to private equity firms. The talks we have had today were very fruitful and I would urge any farmer who finds themselves in this position to contact ICSA.”

In addition, Mr Sherlock said: “Many farmers have been left in confused and precarious situations by this move and ICSA’s aim is to smooth the road to an agreed compromise between the farmer and the new owner of the loan. We want to see the family farm saved for future generations where at all possible. ICSA has received assurances that all strategies, where family farms are concerned, will be explored.”