Banks must play their part in time of crisis – FF

Published on: 18 March 2020

Fianna Fáil’s Spokesperson on Business, Enterprise and Innovation Robert Troy TD is calling on the Government and the banks to step up its emergency measures to help alleviate the growing crisis facing businesses and to take corrective measures to restore market confidence.

His calls come ahead of a meeting between Minister for Finance Paschal Donohoe and the heads of the retail banks today at 4pm.

Deputy Troy said, “The Government and the banks need to step up its endeavours to protect our economy and businesses. Yesterday we saw the UK pledging 15% of GDP to the effort while Ireland is only putting in place 1% of our GDP.

“The issue now is that we could have a substantial contraction in business activity that looks like it will last for three or four months at a minimum.

“There are a number of commitments that banks could make to help alleviate some of the stress and burdens or business people across the country. Fianna Fail is calling on the banks to make a firm commitment today that they will immediately freeze all commercial and business loans.

“We also need a substantial injection of liquidity into the market to maintain confidence and keep some level of spending functioning within the economy. It’s is time for the Central Bank to take action and look at a managed introduction of liquidity.

“As well as liquidity, measures than can be taken now need done so immediately by the Government such as halting commercial rates and suspending tax payments for the self-employed until 2021,” he concluded.