Gerald Nash (Louth, Labour) | Oireachtas source

The issue of restructuring of debt is one I raise continually with senior banking officials when I have the opportunity to meet with them. As I understand it, Bank of Ireland has restructured 90% of the debt over-hangs to which the Deputy referred, which are obviously not exclusively in the retail sector but across the SME sector. Considerable further work needs to be done. We have travelled some journey over the past year or two in terms of dealing with the issues that can bear a heavy burden on businesses that in terms of their core business are very sustainable but because of property debt difficulties may arise. There is more work to be done.

Later today I will be meeting with senior executives from the Strategic Banking Corporation of Ireland, SBCI. I am looking forward to ensuring that this institution does step up to the mark and that people are aware that it will shortly be open for business so that retailers can access the various products for which that it will be responsible. I believe this will be a very important dimension in the market.

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