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Credit Review Report – banks not working for business

8 October, 2012

Peadar Tóibín TD, Sinn Féin Spokesperson for Jobs, Enterprise and Innovation speaking on the release of the report by the Credit Review Office, said:
“The report of Credit Review Office demonstrates once again that the banks are not working on behalf of our businesses. It confirms what we are being told by businesses; banks are refusing good loans and rolling over debt under the guise of new lending.
“While we have supported the government’s proposals on Credit Guarantees and Microenterprises these are inadequate and tinkering around the fundamental market failure of banks to support local enterprise and give value for public investment.
“It is clear that banking policy is being directed by the ECB forcing massive deleveraging and reducing investment, despite the fact that the government is now the major shareholder in the banking system.
“It is time for the government to stand up for the national interest and direct banking policy to deliver for our businesses and our people.”

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