The Sligo/Leitrim TD Mr John Ellis has ruled out any renegotiation of the deal he has agreed with the IFA to compensate farmers owed money by his failed meat company, Stanlow Trading.
Mr Ellis said yesterday that regardless of the outcome of creditors' meetings to be held over the coming weeks, the matter was closed as far as he was concerned.
It is believed the deal is worth about £120,000, and that farmers will receive in the region of 35p in the pound for their losses. After the collapse of Stanlow Trading Ltd in 1986, some 80 farmers were owed a total of £300,000 in amounts ranging from £200 to £21,000. Mr Ellis was a director along with his two brothers Richard and Caillian, who is now a member of Leitrim County Council.
Speaking in Leitrim yesterday, Mr Ellis, who was accompanying the Taoiseach on a visit to the county, said: "Myself and Caillian have a deal with the IFA and that is the end of it. I am prepared to live with that deal. They are prepared to recommend it, so that is it."
An IFA spokesman said yesterday that its leader, Mr Tom Parlon, "hoped to be in a position" to recommend the offer to creditors at a number of meetings over the next fortnight.
Mr Ellis refused to be drawn on the point that the real value of the money now was considerably less than in 1986. "The thing they have to remember is that I have no liability whatsoever, and it's a case of doing something I could never afford to do up until now."
He said it was "a gesture" from himself and his brother, and regardless of the outcome of creditors' meetings, "the matter is closed".
"The bottom line is we negotiated with the IFA, we agreed with the IFA, that is the end of the subject. The matter is closed after this," Mr Ellis added.
He indicated he did not believe the controversy would affect his chances of re-election in the constituency, where Independent Ms Marian Harkin has now entered the race. "I've had this since 1986, that's all I'll say," Mr Ellis said.
The Taoiseach said he was "glad" Mr Ellis had reached an agreement with the IFA. In the Sligo/Leitrim constituency, Mr Ahern said, Fianna Fail would have to "work hard and keep our two seats".