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McLaughlin welcomes OFMDFM meeting with Financial Institutions

21 July, 2008

McLaughlin welcomes OFMDFM meeting with Financial Institutions

Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA (South Antrim) has welcomed today's meeting between the First and deputy First Ministers with the Banking and Financial Institutions to discuss how government and the Financial sector can work together in order to minimize the effect of the economic downturn.

Mitchel McLaughlin said:

"The downturn in the economy is affecting every section of society and I see this meeting as an indication of the resolve of OFMDFM to manage the changing economy in a manner that will minimize its worst effects.

"While no sector is immune to the effects of the changing economy and recognizing that it is part of a wider global problem, the Construction and Property Market was a key sector in sustaining economic growth and is a key area if we are to overcome the present difficulties. I believe that the Banking and Finance sector having experienced major growth through the buoyancy of the housing market during the good times have a vested interest in ensuring that the Construction and Property sector weathers this storm.

"I have met on two occasions over the past month with large numbers of representatives of the Construction and Property sector and was impressed with the determination and confidence that with pragmatic and professional co-operation between the Industry, Financial Institutions and the Executive that the present conditions can be successfully turned around without any major damage to the long-term economic prospects.

"I would therefore urge the Banks and other Financial Institutions to adopt a positive and co-operative long-term approach when dealing with the servicing of debts in the Industry. It is a collective responsibility of the Financial sector, business and industry and politicians to ensure that everything possible is done to ensure that the economy continues to grow.

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