Mattie McGrath: Introduces Impaired Farm Credit Bill to Shield Farmers
Mattie McGrath introduced the Impaired Farm Credit Bill 2022, seeking to protect family farms from vulture funds and to provide low-interest credit to Irish family farmers. He argued the bill would tip the scales back in favour of landowners and create a state-run institution to extend specialised low-cost loans to farm enterprises.
Bill introduced and purpose
The deputy moved the introduction of the Impaired Farm Credit Bill 2022 as an initiative to protect the family farm from vulture funds and to provide availability of low interest credit to Irish family farmers. He said the measure would protect the small man or woman against predatory financial institutions and create a policy platform to tip the scales back in favour of landowners.
Master of the High Court's contribution
The bill was described as carefully drafted on behalf of the Rural Independent Group by the Master of the High Court, Edmund Hoenehan, whose voluntary contribution and legal expertise were praised. Mr Hoenehan and his staff were thanked for their first-hand knowledge and humane treatment of farm families in the court system.
Allegations against banks and legislation
McGrath accused pillar banks and vulture funds of seizing and selling family farms with Government policies stacked in favour of those institutions. He warned that previous legislation, including hearsay rules, had opened the floodgates for vulture funds and left many families devastated by property seizures.
Economic context and pressures on farmers
The deputy emphasised the agri-food sector's importance, citing a gross value added of £14.4 billion a year and that the sector employs one in every ten workers in the state. He said farmers are under attack from proposed climate action reductions, an inadequate new cap programme and broader pressures following Brexit, Covid and rising costs, including "the price of ice."
Next steps and appeal for support
McGrath invited colleagues to an AV room session where Master Hoenehan and his team would address the bill and answer questions. He and the Rural Independent Group called for all TDs to join and fully support the bill, arguing it would boost rural access to capital, regional development and help sustain local ownership and family farms.
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I move the introduction of the Impaired Farm Credit Bill 2022. This initiative bill aims to protect the family farm from vulture funds and provide for availability of low interest credit to Irish family farmers who have been for far too long despically treated by our Pillar Banks. The bill is sponsored by my rural independent colleagues, someone who are here with me and I, and has been carefully drafted on our behalf by the Master of the High Court, Edmund Honighan. I really couldn't thank him enough. For too long, the Government here have facilitated vulture funds and banks to seize and sell family farms in Ireland. The bill would create a policy platform to tip the scales back in favour of the landowners and farmers, and it is all about protecting the small man or woman against predatory financial institutions. It is sad that we have to have this, but it is vitally, vitally necessary in 2022 when we celebrate our decades of centenary. The agri-food sector and the role of farmers to the Irish economy is of critical importance and is generating gross value added equating to £14.4 billion a year. Furthermore, the sector implies one in every ten workers in this state. Farmers are under attack from all quarters. Firstly, the Government are targeting deep cuts to farmers' ability to earn a living through climate action reductions and an inadequate new cap programme, which now we see is not even accepted by the bureaucrats in Europe. Secondly, banks and vulture funds continue to seize and sell off farms all over the country, with Government policies stacked in favour of those institutions. We have observed first-hand the destruction and crippling impacts that these properties or seizures have caused to families in rural communities. Devastation. That is why we have brought forward this imaginative new Bill here today. This would not be possible, as I said earlier, without the exceptional and invaluable voluntary contribution of the Master of the High Court, Mr. Edmund Hoenehan, and his staff, and his band of... I was at Bandarongba, but his loyal supporters that are here in the Gallery today, and he intended to be here, but he was held up in traffic. Mr. Hoenehan's first-hand knowledge of difficulties faced by farm families, and his exceptional legal expertise, have been instrumental in the publication of this Bill. And I want to say on behalf of countless families that have spoken to me, and my colleagues in the Rural Independent, and I am sure to many others who have talked to you, Dolly, of the fairness and the protection and the humane way he treated him, who arrived before him in the court system. They are ever grateful to him for his stewardship and his courage and his dignified treatment of people, which is what we all expect from the institutions of the State. Therefore, my colleagues and I in the Rural Independent Group are very pleased to introduce the Bill here today. Later this evening in the AV room, shortly actually, our Independent Group are pleased that we will be bringing the Bill here. Mr. Hoenehan, the Master, and his colleagues will be there to address the issues in this Bill, and answer questions to any deputies or senators who may have questions. And we would like to see as many as possible coming in to get their teeth around the issues in this Bill, and if there are questions, explore them there also. The session will be in the AV room, as I said, and it will be addressed by Master Hoenehan, and you are all invited to attend. Following on from today, we sincerely hope that all TDs will join us and fully support the Bill, and that farm families and the farm families seeks to assist. Because there are many, and we all have them in our constituency, and we all have had situations where we have tried to help, and we have found that the tide was too massive in favour of the institutions, whether it is banks or vulture funds or whatever. And some legislation that have brought in here, lots of it actually, like the hearsay legislation and everything else, opened the floodgates for the vulture funds to carry on. After all, without a substantial look like a culture, in local ownership, family farms and other words, our towns will be plighted and rural islands will continue to decline. For too long, the pillar banks have woefully and willfully used and abused the farming sector in this country. Our bill would pave the way for a new state-run institution that would extend low interest credit to all farm enterprises in a specialised manner. It will become a major shift in allowing access to capital and credit to rural Ireland, boosting the entire rural economy and providing regional development in the process. And it is so badly needed, especially at Brexit and after Covid and everything else, and the pressures now with the price of ice. So, I hope the government will continue to accept this at this stage and will get cross-party support for it. Thank you very much, Deputy McGrath.
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