02/10/2013
Finance, Enterprise Ministers In Talks With Vince Cable
Finance Minister Simon Hamilton and Enterprise Minister Arlene Foster have met with UK Business Secretary Vince Cable to discuss access to finance challenges within Northern Ireland.
The discussion was arranged by the Department of Business, Innovation and Skills as part of the Secretary of State’s visit to Northern Ireland.
It was attended by representatives of the NI banking and finance industries.
The discussion focussed on issues such as what banks and others are doing to encourage Small and Medium-sized Enterprises (SMEs) to invest and grow, the availability of other forms of finance and the participation in government and Northern Ireland schemes for SMEs.
Simon Hamilton said: "As the first signs of recovery get stronger we need a banking sector that can provide the lending necessary to finance the new investment and working capital that businesses need to grow. Demand for finance has been low up to now but as it increases this issue becomes even more pressing.
"We stressed to (Dr Cable) how important it was for our local banking system to be more competitive and to have a structured approach to working through the legacy of the past where a significant proportion of current debt is no longer performing. We don’t want this acting as a drag on our recovery for any longer than it needs to be."
Arlene Foster added: "The issue of Access to Finance remains one of the most pressing issues for SMEs at this time. It is more challenging here than other parts of the UK due to a number of factors, such as the structure of the banking sector and the collapse of the property market in Northern Ireland and the Republic of Ireland. It is vitally important that businesses can access affordable finance to help them grow and prosper."
(IT/CD)
The discussion was arranged by the Department of Business, Innovation and Skills as part of the Secretary of State’s visit to Northern Ireland.
It was attended by representatives of the NI banking and finance industries.
The discussion focussed on issues such as what banks and others are doing to encourage Small and Medium-sized Enterprises (SMEs) to invest and grow, the availability of other forms of finance and the participation in government and Northern Ireland schemes for SMEs.
Simon Hamilton said: "As the first signs of recovery get stronger we need a banking sector that can provide the lending necessary to finance the new investment and working capital that businesses need to grow. Demand for finance has been low up to now but as it increases this issue becomes even more pressing.
"We stressed to (Dr Cable) how important it was for our local banking system to be more competitive and to have a structured approach to working through the legacy of the past where a significant proportion of current debt is no longer performing. We don’t want this acting as a drag on our recovery for any longer than it needs to be."
Arlene Foster added: "The issue of Access to Finance remains one of the most pressing issues for SMEs at this time. It is more challenging here than other parts of the UK due to a number of factors, such as the structure of the banking sector and the collapse of the property market in Northern Ireland and the Republic of Ireland. It is vitally important that businesses can access affordable finance to help them grow and prosper."
(IT/CD)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.