Tuesday 24 April 2018

ISME conference

Fruitfield chief vents anger at banks' inability to support firms

peter Flanagan

THE banks are "behaving appallingly" and until their lending practices are changed, small businesses will continue to struggle, Jacob Fruitfield chairman Michael Carey told delegates at the conference.

He assailed the banks for their refusal to extend credit to businesses and claimed the Government should take direct action.

"Banking is a real problem for Irish business and has to be fixed. Until it is, Irish businesses will have to find other ways to secure credit."

Mr Carey's point was reinforced by ISME chairman John Ryan, who described it as "illogical" that "we have a banking sector that has been bailed out by the taxpayer but fails to do business with the small business sector".

Former minister Mary O'Rourke said she regretted the lack of regulation that has been blamed by some for facilitating the banking crisis.

Irish Independent

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