Portumna Co-Operative Livestock Mart in Co. Galway is to re-open on Wednesday (May 21) with a strict "no credit policy" in place.

The High Court had sanctioned the Property Services Regulatory Authority (PSRA) to suspend the mart's licence last month.

The PSRA is the statutory body with responsibility for licensing and regulating the property services sector in Ireland.

According to the Department of Agriculture, Food and the Marine (DAFM) livestock marts must meet operating standards and animal health standards in order to receive the licence needed to trade.

Today (Monday, May 19) Portumna Mart received the go ahead from the High Court to reopen for business this week.

Pat Harding, the chair of the mart, told Agriland that it "is very important" for farmers and agri-businesses that the mart will reopen on Wednesday.

But he said that all sales will be on a "pay on the day" basis and no credit facilities will be provided.

According to Senator Anne Rabbitte, who is originally from Portumna, the reopening of the mart will be "welcome news" to the entire community.

"Portumna Mart is the life and soul of this community, it is a huge victory that the mart is reopening.

"This is a very rural area and Portumna Mart is much more than just a mart to this community - it is always a place for people to meet up, it provides a very important social opportunity for people and really is part of the fabric of Portumna.

"It is also hugely important to the town, particularly for businesses in the town. We've seen what the lack of a mart has been like - when the mart is on it brings people into the town and the impact of no mart has been less people coming into the town, so we're delighted to get it back," Senator Rabbitte added.