02/05/2012

McGlone Raises Banking Issue With Influential Oireachtas Committee

SDLP Economy spokesperson Patsy McGlone has said banks must work better with small businesses in assisting lending if our economy is to be reinvigorated.

The Mid Ulster MLA was speaking after a meeting with the Joint Oireachtas Committee on Jobs, Enterprise and Innovation, whereby he pressed TDs to also raise the issue with Southern banks.

He said: "Banks must work better with small businesses to stimulate lending if our economy is to recover. There are so many strong, profitable businesses in our local communities that are really struggling with cash flow problems, while many others cannot get the necessary finance to expand.

"Banks have moved from being totally reckless to the point of not taking any risks at all and it is vital that a better balance is struck and greater assistance is given, where possible, by banks to help small businesses continue in operation and flourish.

"It is extremely concerning that banks who were bailed out by the Irish Government to the tune of €70billion are not working for and supporting the development of SMEs, and despite the fact that they were saved by taxpayers, the public cannot hold them to account.

"I urge banks to be reasonable and to show a degree of flexibility toward local enterprises rather than strangling them with bureaucracy and red tape.

"Small businesses are the bedrock of our economy and if we are to excite job creation, they must be supported by banks and government."

(CD)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

10 January 2020
NI Councils Provide Digital Support For Small Firms
Two Northern Ireland councils have joined forces to launch a Digital Growth Programme to support the development of small businesses.
03 March 2020
Economy Minister Warned Of Pressures Facing Retailers
Retail leaders have delivered a message of concern that small businesses are facing a perfect storm of additional costs next month to Northern Ireland's Economy Minister Diane Dodds.
01 October 2002
Minister urges 'share and learn' approach to small business
Minister for Enterprise, Trade and Investment, Sir Reg Empey, has urged small businesses to share ideas and solutions to problems, on both a local and a cross border basis.
24 January 2012
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).