Monday 23 April 2018

James Fitzsimons: Our banking system as it stands is genocide for the SME sector

Something has to give, and that includes debt forgiveness, if we are to see recovery.

BREAKING CYCLE OF STAGNATION: Banks that do not know enough about their long-term customers to respond to their short-term needs in real time are not fit for purpose
BREAKING CYCLE OF STAGNATION: Banks that do not know enough about their long-term customers to respond to their short-term needs in real time are not fit for purpose

James Fitzsimons

The vast majority of people surveyed in this week's Millward Brown poll believe banks are not acting fairly towards distressed home owners: 72 per cent take this view and only 12 per cent think the banks have been fair. When it comes to writing off debts, only 49 per cent thought that the banks should.

Even so, that's huge support for such an initiative. If we add the don't knows to this, 65 per cent either support debt write-off or are not opposed to it. Only 15 per cent of those surveyed think the banks will release more money to businesses in the SME sector on whom we are relying to create employment. It portrays a dismal picture for restoring public confidence.

Last week, the EU cut a better deal for half of Europe, but Ireland was told not to be complacent. The public is right and they are wrong, but it doesn't make a difference. They'll do it their way. The banks made a balls of it, the Government let them, and the EU approved of it. Austerity is not the answer. The rest of the EU is off the hook. They saw what austerity did to Ireland and it's not for them.

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