IRISH firms under financial pressure must implement a speedy and surgical approach to corporate restructuring, the country’s top banker declared today.
Central Bank governor Patrick Honohan claimed the move would reinvigorate the Irish business sector and boost jobs.
The banking chief told a conference in Dublin that too many of even the surviving Irish firms have not yet recovered from the financial crash and need restructuring.
“Given the large number of firms still under pressure, implementation of an effective and speedy but surgical approach to corporate restructuring could have a big impact,” Mr Honohan said.
“By reinvigorating the Irish business sector, it would ultimately help boost economy-wide employment.”
Mr Honohan told the Corporate Restructuring Summit in Dublin that while restructuring required “unusual and scarce skills and judgment”, it urgently deserved attention.
He said that according to the latest data from the Central Statistics Office on industrial enterprises, the number of firms fell from about 5,600 to under 4,800 between 2008 and 2010, the worst period of the crisis.
The conference in Dublin’s Convention Centre also included speeches by economist Colm McCarthy and Quinn Group chief Paul O’Brien