New Strategic Banking Corporation must lead to more credit for SMEs - Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said the banks must be monitored to ensure they actually pass on any cheaper loans from the new Strategic Banking Corporation.
Deputy Doherty said:
“I welcome in principle the coming into operation of the new Strategic Banking Corporation Ireland. I am concerned though that this government have repeated the same mistake that has defined their four years in power- trusting the banks to act responsibly.”
“The test of this new instrument will be in how much of the promised €400m actually reaches our SME sector. The record of banks in this regard is a cause for concern.”
“Sinn Féin has always called on the State to get more involved in stimulus including through providing credit to our SME sector. Sinn Féin will closely monitor the effectiveness of this new instrument to make sure it is not simply providing capital to banks while they continue to starve the real economy of credit.”
“This move is a far cry from the Programme for Government commitment to establish a Strategic Investment Bank and comes after four years of attacking those of us who called for stimulus initiatives. Better late than never though and now the focus must shift to making sure the money gets to our SMEs.”