Tánaiste presses banks to ensure support for sound SMEs

Wednesday 13^th May 2009

Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan today reiterated her commitment to ensuring that the two recapitalised financial institutions actively support the Irish SME sector.

The Tánaiste and Minister for Finance are proceeding immediately with the setting up of a “Clearing Group” to assess patterns of lending where the flow of credit to viable projects appears to be blocked and to seek to identify credit supply solutions. This will build on the earlier work done by the Tánaiste and her Agencies and the banks.

The setting of the “Clearing Group” follows on from the commitment given by the two banks in the recapitalisation agreement.

The Tánaiste said: “SMEs are vitally important to our economy and access to credit for sound projects is paramount for the maintenance and development of these enterprises. I want to assure business that commitments given by these banks will be honoured.”

ENDS/ETE2039