The Irish Farmers' Association is calling on the Central Bank to clarify whether its Code of Conduct for business lending is being adhered to following a heated incident in Co Wexford.

The row happened when agents acting for Friends First Finance tried to repossess farm machinery at 5.30am.

The matter has been raised by Independent TD Mattie McGrath, who held a two-hour meeting with Friends First at the company headquarters in Dublin this morning.

Mr McGrath said he is not happy with the outcome of the meeting.

He and some supporters began a sit-in at the bank's Loughlinstown premises until they get what they are describing as a letter of comfort for the family.

A Friends First spokesperson confirmed that it is looking to ensure that a number of matters are addressed before they leave the building.

Fine Gael Senator Michael D'Arcy said he had come from the family home of the people concerned in Co Wexford.

Speaking in the Seanad, he said it was a terrible thing to see people trading on the fringes of the law and perhaps trading on criminality, breaking into property and stealing property, without paperwork and threatening family members, and threatening a 16-year-old boy that if he if made a phone call, he would be killed.

He called for Senators on all sides to come together and he would like to see an all party motion coming from the Senate to deal with the practice.

Senator Brian Ó Domhnaill of Fianna Fáil noted Friends First had said in a statement that they were operating within in the law.

He said if that was the case the law need to be changed.

He said Friends First had employed people to cut a gate open at 5.30am to effectively steal a tractor from the yard.

He said it was time the Government changed the law to protect citizens as people were at breaking point.