McKay calls for Tomlinson type report on North's Banking
Sinn Féin's Economic spokesperson Daithí McKay MLA has called for a focused review of banking practices here similar to the recent Tomlinson report carried out in Britain. Speaking after addressing a number of Westminster MP's who are looking at the banking structure in the north Mr McKay said:
"There is a considerable amount of anecdotal evidence emerging indicating that small and medium size businesses here are being subject to the same aggressive banking practices that were recently exposed in the Tomlinson report.
"At the moment the full extent of the problem is unclear due to a lack of transparency within banking here which undermines the restoration of public confidence in the sector.
"We need to have a similar focused review on the operation of our banks
"The Tomlinson report found that banks were engineering defaults to improve their own financial performance regardless of the viability of the business concerned and in fact many of the businesses targeted were performing very well.
"We need to see confidence in local banks restored and in order to do that we need accountability and transparency that is severely lacking at the present time."