Credit Review Report – banks not lending for business

Dublin South West representative Seán Crowe TD, speaking after the release of a report by the Credit Review Office, said:

“The latest report of the Credit Review Office demonstrates once again that the banks are not working on behalf of small and medium businesses. It  also confirms what we are being told by many businesses that  banks are simply refusing to give out good loans to companies.

“While Sinn Féin have supported the current Government’s proposals on Credit Guarantees and Microenterprises these are inadequate and tinkering around the fundamental market failure of banks to support local enterprise and give value for public investment by Irish taxpayers.

“It is clear that Irish banking policy is being directed by the European Central Bank forcing them massively reduce their debt and reducing actual  investment, despite the fact that the Government is now the major shareholder in our banks.

“It is time for the Government to stand up for the Irish interests and direct banking policy to deliver for our businesses and the hard pressed Irish taxpayers that propping these banks up to the tune of billions.”