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Ó Caoláin calls for urgent action to stop businesses failing

16 June, 2011 - by Caoimhghín Ó Caoláin TD

Sinn Féin’s Caomhghín Ó Caoláin has called on the government to act urgently to prevent the destruction of small businesses by banks who refuse to extend credit to them.

He was speaking during an Adjournment Debate in the Dáil (16 June) when he appealed to the Minister for Finance and the Minister for Enterprise, Jobs and Innovation to set up an authority or a body which can mediate in the sector, along the lines of the Labour Relations Committee.

He told the House of the plight of the Quinn family business, in his own Cavan Monaghan constituency. Under pressure from banks, he said and despite “widespread support from the people of Carrickmacross and Monaghan County Council,” the family were locked out of their own business by “the punitive action of Allied Irish Bank”.

“The Government and its predecessor have poured billions of public money into these banks. The present coalition in its Programme for Government and in its so-called Jobs Initiative has made commitments to make credit more readily available to small and medium sized enterprises. Those commitments have not been fulfilled,” he said.

“We are seeing banks coming down like a ton of bricks on viable family businesses, causing untold distress to individuals, throwing people on the dole and further damaging local economies and the national economy.”

“This is not some urban myth of the recession. It is happening every week and every deputy must be aware of it in his or her own constituency,” he concluded.

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