In response to Ulster Bank’s sudden announcement that it plans to dispose of loans in its specialist loans arrears unit to undisclosed third parties, the IFA has sought an urgent meeting with senior Ulster Bank Executive staff.
The proposed disposal of loans are reported to affect customers who are outside current arrangements or in arrears and under special management.
Commenting on the announcement, IFA Farm Business Chairman Tom Doyle said, “Farmers are shocked at the announcement, and IFA has demanded an urgent meeting with management. IFA has voiced farmer concerns that the move will force them to deal with unknown third party funds who have little or no knowledge and understanding of their business and the farming sector.”
Tom Doyle added, “The IFA continues to call for the fair treatment of farmers who are in financial difficulty, but who have a viable underlying enterprise. The banks must work with these customers to find long-term sustainable solutions that work for all parties. This move by Ulster Bank raises serious questions about their commitment to these farmer customers who require suitable restructuring arrangements to bridge temporary cash flow and repayment issues.”