Marts must keep a tight rein on credit and ensure compliance with client account regulations, the Property Services Regulatory Authority (PSRA) told mart managers and officials last Sunday.

This message was reiterated by a PSRA spokesperson who told the Irish Farmers Journal that the purpose of last weekend’s unprecedented meeting was to “inform and address” the statutory requirements of licensed marts.

“The authority availed of this opportunity to outline in detail the statutory requirements and standards required of licensed marts, ensuring compliance with the Property Services (Regulation) Act 2011 and the Regulations made under the Act,” a PSRA spokesperson said. While senior PSRA officials are understood to have cautioned against marts providing credit for the purchase of livestock, they accepted that it was not their role to tell marts how to run their businesses.

To comply with PSRA regulations marts need to have enough funds in their client accounts to cover payments owed on animals or goods traded.