Martin Kenny (Sligo-Leitrim, Sinn Fein) | Oireachtas source

In the programme for Government there is a commitment to have access to capital for small businesses and also to assist businesses through the debt crisis. We have had huge problems over a number of years in this country. Today, in Buswell's hotel across the road, the IFA are launching a framework for negotiations with vulture funds. We have a situation today where there are hundreds of farmers around the country whose loans have been sold to vulture funds and who cannot get a deal done, as they would have been able to do with the standard banks. We find that they are now outside the scrutiny of the Central Bank. It is a huge problem, and one of the things that the IFA has sought is that the Government would publically commit to a rebalancing of the power between the borrowers and these new owners of the loans. This is having a huge impact. The vulture funds want a quick turnaround and they are prepared to sell out the farm over the heads of the farmer. It is a big problem around the country.

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