Renua leader and Offaly County Councillor John Leahy
The Offaly based RENUA Ireland Leader has warned vulture funds planning to foreclose on family farms and homes in rural Ireland that there will be, as he describes it, ‘zero tolerance for their activities across the country-side'.
Cllr John Leahy said, "Vulture funds are a new generation of landlords and they will be treated in the same way as their predecessors. Rural Ireland is not going to stand idly by whilst families are evicted by the zombie economics of the vulture fund."
The Offaly County Councillor acknowledged that moral hazard should always apply to loans and mortgages but he added that the banks themselves had 'fatally undermined that principle' with their reckless lending policies.
He commented, "where they (banks) make bad loans, they should negotiate settlements. Instead they have outsourced their failure to vulture funds who only care about making a quick buck. The government’s decision to back the banks over the people is now coming back to haunt them."
Cllr Leahy claimed that 'a plague of foreclosures' is about to be unleashed upon rural Ireland.
"To date the vultures have held back on rural Ireland because they have been distracted by commercial property but they are now however waiting on the fence posts preparing to strike," he said.
He also warned families dealing with vulture funds not to expect fair play stating that 'there will be no compromises or settlements from vulture funds'.
"When it comes to our homesteads the position must be not an inch without a guarantee of families staying in their homes."
Cllr Leahy said that RENUA Ireland believes the best long-term policy for vultures would be for the state and people to 'excise this foreign banking methodology from the country'.
"Like St Patrick and the snakes, it’s time to chase the vultures out of Ireland," he continued. "Sadly, all precedents to date suggest that the government and the Central Bank's ongoing policy of appeasement that the people will be alone in taking on the vultures. We warn them in advance though that The Field by JB Keane will look like a romantic comedy when compared to the furies a return to landlordism in rural Ireland will spark. We say not a yard, not a field without negotiations. Rural Ireland has seen off many land-grabbers before and our vulture friends will experience a similar fate. The government should intervene now if it wants to avoid an unprecedented campaign of civil disobedience."