Vulture Funds

  • Over 21,000 acres of farmland is controlled by so-called vulture funds in Mayo, totalling 19 parcels. That’s according to a report in this week’s Irish Farmers Journal.

    The report has found that every county in Ireland has farmland affected by a vulture fund presence.

    A county breakdown of farm mortgages held by several subsidiaries of US vulture funds, Cerberus and Lone Star showed that the highest concentration of land is in Co Mayo, followed by Galway and Meath.

    Farmers have expressed concerns at their treatment by vulture funds, reporting difficulty in negotiating with receivers and forced land sales.

    They have also expressed their distress over a preference vulture funds seem to have for selling land, rather than working on new loan terms.

  • A Mayo Senator says it is too little, too late to be drafting legislation in relation to vulture funds.

    Sinn Fein Senator Rose Conway-Walsh was reacting to a report from the Irish Farmers Journal this week that shows over 21,000 acres of farmland in Mayo is controlled by so-called vulture funds, totalling 19 parcels.

    A county breakdown of farm mortgages held by several subsidiaries of US vulture funds, Cerberus and Lone Star showed that the highest concentration of land is in Co Mayo, followed by Galway and Meath.

    Senator Conway-Walsh says the Government has been taking a hands off approach to vulture funds all along.

    New legislation to strengthen control of vulture funds is currently being worked on by Minister for Finance Paschal Donohoe and Fianna Fáil TD Michael McGrath.

    However the Erris based Senator told Midwest News today that it is too little too late and the matter is causing huge distress for farmers in the west.