Farmers in bid to stop repossession of machinery in Carnaross

Following a major protest by Meath farmers which hampered the repossession of machinery from an agricultural contractors' yard last week, the IFA has called on financial institutions to take a commonsense approach. IFA vice president, Eddie Downey, said it made no sense at all for financial institutions to be seizing machinery as farmers go into summer and at a time when farmers and contractors will have money coming in. Mr Downey was one of up to 100 farmers who gathered at Farrelly Brothers yard at Carnaross last Wednesday when attempts were being made by a financial institution to seize machinery. He said that farmers and contractors were coming under "terrible pressure" from the financial institutions and last week's protest was indicative of how farmers are feeling about the behaviour of the financial institutions. According to Kells Gardai, between 100 and 130 people gathered outside the yard and the protest was described as peaceful. While two machines were removed from the site, the group dispersed when it was announced that the bank involved was entering into negotiations with the contractor. Mr Downey said that farmers started to converge at the yard from around 6.30am when agents from a financial institution arrived to take machinery from the yard. "They came in the middle of the night, without consulting anyone beforehand. I intend to speak to the bank involved and all banks to ensure this kind of thing doesn't happen again," he said. Mr Downey called on financial instituions to take a commonsense approach. "We are coming into the summer - a time when contractors will be getting big cheques. They will soon have money coming in and it would make more sense to reschedule loans now, so they can pay while the money is coming in, rather than repossess the machinery before the work really starts. Farmers and contractors all over the country are in the same situaiton and are being put under pressure by banks. "With the summer coming, the banks will have their opportunity to recoup their loans when farmers start to get the money coming in again," he said. Mr Downey said there had been a difficult couple of years, both weather-wise and price-wise, and many farmers had lapsed in one or two payments. "The banks need to have a little patience and to restructure loans. We are coming into the season where farmers have the chance to make a bit of money nad to make repayments on loans. The winter is over and it would be much better for the banks to renegotiate instead of taking machinery that nobody wants to buy anyway," he added.