Dáil Éireann Debate, Tuesday - 14 November 2023
121. Deputy Claire Kerrane asked the Minister for Finance what measures are in place to provide farmers with fair facilities to resolve debt issues and ensure they can remain on their land; what he will do to protect farmers from repossessions undertaken by vulture and investment funds; and if he will make a statement on the matter. [49357/23]
Amharc ar fhreagraI would advise anyone in financial distress to first contact their lender, either bank or non-bank, to explore all options for resolving their financial situation.
The Credit Review was established to assist those SMEs and farm borrowers that have had credit applications of up to €3 million refused or indeed an existing credit facility withdrawn or amended by the participating bank. SMEs can apply to Credit Review after exhausting the internal appeals process in the participating institution, which are currently AIB, BOI, and Permanent TSB. The Credit Review's website is www.creditreview.ie.
The Insolvency Service of Ireland (ISI) is an independent government body set up to help tackle personal debt problems. The ISI has put in place a regulated network of financial advisors (PIPs) to provide people with debt advice and to work with creditors on their behalf to work out a solution for those in difficulty.
The ISI has a range of debt solutions to help get people back on track financially, including a Personal Insolvency Arrangement, a Debt Relief Notice, a Debt Settlement Arrangement or Bankruptcy. Following a consultation, a PIP will advise which solution best suits a person’s individual situation.
