Sinn Féin Jobs, Enterprise and Innovation Spokesperson Peadar Tóibín TD today described the disparate attitudes amongst the main banks in dealing with SME debt as deeply worrying.
The Meath West TD said:
“The Chief Executives of Bank of Ireland, Ulster Bank and AIB all attended today’s meeting of the Committee on Jobs as part of its hearings on access to finance for SME’s.
“It is clear from groups representing the SME sector and the government’s own data that issues remain for SME’s seeking to access credit and whilst approvals have increased Ireland still lags behind the EU average.
“Members also raised the issue of debt write down for struggling SMEs with the Chief Executives and it is worrying that Ulster Bank continues to take a hard line on this issue.
“SME debt is a cause of concern not just for the business concerned but for the wider economy, and the disparate approach from the sector is a cause of concern. Government cannot continue to take a bystander role. SMEs need real solutions.”