Small businesses suffer as Govt fails on credit crisis – White

Published on: 11 September 2012


Fianna Fáil Seanad Spokesperson on Jobs, Enterprise and Innovation Senator Mary White has said the latest figures on lending from the Central Bank prove that the banking sector and the Government are failing small businesses in Dublin and across the country.
 
“The latest figures clearly demonstrate what small businesses in Dublin and across the country have known for some time – banks are simply not lending and the Government is doing little or nothing about it,” said Senator White.
 
“The desperately weak level of lending is strangling the life out of small businesses and it is costing us jobs.  At the moment banks are turning away viable customers with good business plans who can fully repay their loans. This ultimately results in business closures, more job losses and an unprofitable banking system.
 
“It is time for the Government to wake up and stop living in denial about the extent of this crisis. As the owner of AIB and shareholder in Bank of Ireland, the Government needs to use its teeth and ensure that appropriate lending targets are fully met.
 
“These figures are a damning indictment of the Irish banking sector and it must act as a wake-up call for the Government. The small business sector is the lifeblood of the local economy and the key to economic recovery. The Government should be doing everything in its power to support local businesses and encourage job creation.”

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