A bill aiming to protect family farms from vulture funds and provide low-interest loans for farmers is due to be debated in the Dáil tonight (Thursday, November 17).

The Impaired Farm Credit Bill 2022, backed by the six TDs in the Rural Independent Group, has been drawn up by the master of the High Court, Edmund Honohan.

Along with providing legal protections to family farms in relation to vulture funds, the bill would pave the way for a new state-run institution that would extend low-interest credit to all farm enterprises.

It would allow access to capital and credit in rural Ireland, boosting the entire rural economy and pivoting regional development in the process, the group said.

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Independent TD Mattie McGrath

Speaking at a press conference outside the Dáil this afternoon, the leader of the Rural Independent Group, Deputy Mattie Mc Grath, said:

“International vulture funds are a massive threat to many Irish family farms and linked family homes. Unfortunately, the government has allowed faceless funds to destroy families by seizing and selling viable family farms.”

The Tipperary representative added that the bill, if passed, would “tip the scales back in favour of farm families”.

“The Irish Farmers’ Association (IFA) has estimated that 2,500 to 3,000 family farms may be in danger of seizure by vulture funds, with the total amount of land involved being up to 150,000ac.

“Therefore, this is an extremely serious threat to all rural communities,” he said.

McGrath claimed that farm families are “being terrorised” by vulture funds.

“The laws are stacked in favour of the funds, as we have observed first-hand on many occasions.

“My colleagues and I in the Rural Independent Group are confident that if this bill passes into law, then farm families would be given the best possible legislative protection against the speculative practices of vulture funds and receivers,” McGrath concluded.