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Banking officials sitting back while SMEs are going to the wall

16 December, 2008

Speaking at the Finance and Public Services Oireachtas Committee meeting this morning Sinn Féin Finance Spokesperson Arthur Morgan TD criticised the banking officials who attended the committee for their lack of initiative in dealing with the credit crisis.

Deputy Morgan said, "At a time when we are losing 700 jobs a week, banking officials have come with nothing new. The officials have offered seminars, but credit initiatives are what we need.

"The banks are continuing to sit back, refusing to offer credit, while good businesses are going to the wall. I am disappointed that the Banks have no new initiative and are unable to disclose when they will finally avail of the long awaited EIB funding. At a time when banking credit is in crisis, the Irish banks are acting in an incredibly complacent manner.

"Irish banks have been very slow to seek funds from the €15billion fund in the European Investment Bank. We have seen today that Barclay's in England has already drawn down funds from the European Investment Bank for SMEs showing that they are a few steps ahead of our banks." ENDS

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