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Tóibín welcomes long overdue Credit Guarantee Bill

17 May, 2012

Peadar Tóibin, Sinn Féin spokesperson for Jobs, Enterprise and Innovation today said the government’s Credit Guarantee Bill is long overdue but a welcome initiative.

Peadar Tóibín said;

“We welcome this legislation today as much needed step to support our small and medium sized enterprises.

“We all share a common concern for our people and our economy. Small and medium sized enterprises are essential to delivering growth and creating employment. This legislation is one of a number of initiatives that business requires to return to growth.

“However this scheme has been under consideration since 2009 by the department despite the fact that similar schemes exist in over 100 countries and there has been one in operation in the North since the 1980’s.

“During the delay in bringing this legislation forward our economy has returned to recession and last year 1600 companies went into insolvency, due in part to lack of available credit.

“Yet to date successive Fainna Fail, Labour and Fine Gael governments have poured €64 billion into the banks. Money that has not made its way into the real economy or into SME’s and so we need a scheme to deal with banking failure.

“The government needs to exercise the full power of its investment in banking to ensure that that the needs of SMEs are fully met.

“We look forward to the implementation of a comprehensive set of supports that will fully address the credit needs of SME’s and deliver growth in our domestic economy.”


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