Sinn Féin Jobs, Enterprise and Innovation Spokesperson Peadar Tóibín TD today called on the government to take heed of the demand for a State Investment Bank from business representative organisations.
The Meath West TD said:
“Over the last number of weeks the Jobs, Enterprise and Innovation Committee has heard from business representative groups and one of the consistent calls has been for a state backed bank.
“There is a need for investment in the real economy. Government needs to ensure that bailed out banks are lending properly to SMEs and in addition must undertake an examination of a strategic industrial bank.
“Three years have now passed since the government first promised a Strategic Investment Bank and the long awaited Ireland Strategic Investment Fund (ISIF) is not yet up and running.
“Data provided to the committee tells us that the cost of investment and working capital finance is increasing and government initiatives such as the Micro Finance Loan Fund and the EIIS have not worked.
“Government’s failure to deliver on its own commitment to a Strategic Investment Bank is hurting businesses and is stalling the recovery, it’s that simple.”