THERE was relief in East Galway farming circles this week when Portumna Mart re-opened for its normal weekly cattle sale yesterday morning [Wednesday].

The mart’s licence to trade had been suspended since the end of April because of credit related issues involving some buyers – from this week, the mart will be operating on a ‘pay as you go – no credit’ transaction basis.

It was back to business as normal this week in Portumna on Wednesday with the two rings in full swing – the first cattle sale to be held there since April 23 last.

Chair of the Mart Committee, Pat Hardiman, told the Farming Tribune that the mart was delighted to be back in operation as it was a service badly missed by local farmers and the community in general.

“This was a temporary closure based on credit related issues. From now on, all sales will be conducted on a zero credit basis – from now on, anyone buying cattle here pays on the day,” said Pat Hardiman.

He added that the closure of the mart had been sorely felt in areas across Galway, North Tipperary and Offaly by the local farming and rural communities.

“It’s now back to business as usual and that’s good news for everyone. Our first cattle sale took place on Wednesday and our sheep sales are back on Tuesday next as normal from 11am.

“I would also like to pay a special thanks to our staff, committee, the local community and the farmers for their patience and support during this difficult time but thankfully it’s now back to business as usual,” said Pat Hardiman.

Portumna Mart’s licence to trade was suspended on April 28 last when the PRSA [Property Services Regulatory Authority] was granted sanction to do so by the High Court.

The sanction came up for review by the High Court on Tuesday, May 13 last, when the mart was allowed time to produce evidence that any credit issues were in order.

Earlier this week the PRSA were given the necessary assurances on future credit control polices at the mart and on Monday the High Court officially sanctioned the restoration of the mart’s licence to trade.

According to a number of mart sources, marts across the country are being strongly advised to operate a ‘zero tolerance’ policy as regards giving credit to buyers at marts – and especially the bigger purchasers often referred to as ‘jobbers or dealers’.

“Given the way the prices of cattle have gone, one unpaid load of cattle could amount to as much as €100,000 –marts quite simply are not in a position to provide that kind of credit leverage,” one mart source told the Farming Tribune.