Unease over banks selling loan books

There has been a lot of unease about possible sales of loan books to so-called vulture funds. Farmers have not been immune to these concerns as many have borrowing needs to fund farm development, land purchase or ordinary working capital.

Consequently, some farmers were upset to get letters from Ulster Bank demanding that debts be refinanced in a very short and unrealistic time frame, or else have their loans included in a sale of loans to vulture funds.

ICSA is alarmed at this and the implication that it may only be the beginning of a trend. Rumours have been about that other banks might also consider selling some loans with unknowable consequences for the farmers caught up in this.