Sinn Féin Finance Spokesperson Pearse Doherty TD has said the Programme for Government’s commitment to establishing a Strategic Investment Bank is now gone and has become another broken promise.
Speaking today Deputy Doherty said:
“Today the government is rushing through the Strategic Banking Corporation Ireland Bill. The name of the Bill gives the game away; we will have a Banking Corporation, not a bank. The new body won’t have a banking licence. The government’s promise to set up a Strategic Investment Bank has been dropped.
“This proposal is a shadow of what Sinn Fein has argued for – a State Bank that invests in the real economy. The SME sector is crying out for investment and for credit. The banks the people bailed out are not lending in a fair way to Irish businesses.
“This new company will not lend directly to businesses. Instead it will lend to the banks in the hope that they will pass on the cheaper credit to the real economy. There is no trust in the banks and they must be forced to lend to SMEs and others.
“There is a clear need for a proper stimulus package led by the State. This government is creeping in the right direction but their delay has led to stagnation. We finally have some proposals before us but they are disappointing and lack the capacity to bring about substantial economic growth.
“The Programme for Government’s’ commitment to establish a Strategic Investment Bank has now been discarded, another broken promise to Small and Medium Enterprises. Nobody will be fooled by this unambitious and very limited proposal.”