Sinn Féin - On Your Side

Government supporting banks which are failing local business and costing jobs

22 August, 2012


Peadar Tóibín TD, Sinn Féin Spokesperson for Jobs, Enterprise and Innovation speaking on the reports of the Central Bank findings on loan refusals to SME’s said;

“The reports of the findings of the Central Bank report entitled, ‘Irish SME Credit Supply and Demand: Comparisons across the Surveys and Countries’ confirm what Sinn Féin has consistently claimed. Despite the huge investment of public money into the banking system, despite the facts that the government is the major shareholder in the banking system, the banks continue to fail businesses and homeowners.

“While we have supported the government’s proposals on credit guarantees and microenterprises these are tinkering around the fundamental market failure of banks to support local enterprise and give value for public investment.

“The government has claimed that jobs and enterprise are at the centre of all government policy, yet the Minister for Jobs and Enterprise does not sit on the Economic Management Council, the body that meets with the banks. Despite the rhetoric it is clear that jobs and business are not on the agenda for these meetings.

“The banking policy is being directed by the ECB forcing massive deleveraging and reducing investment. The government is again slavishly following the direction of the EU and failing to stand up for the needs of local enterprise or of tax payers.

“It is time that the government realised its position of major shareholder and ensured that public money invested to date in the banking sector is used for the public good, for investment in our enterprises and investment in jobs.”

ENDS

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