Written answers

Tuesday, 5 October 2010

Department of Enterprise, Trade and Innovation

Financial Services Regulation

9:00 am

Photo of Lucinda CreightonLucinda Creighton (Dublin South East, Fine Gael)
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Question 425: To ask the Minister for Enterprise, Trade and Innovation if he will report on the outcome of eight regional meetings with business groups over bank credit that were held over the summer; the action he is taking as a result of these meetings; and if he will make a statement on the matter. [35030/10]

Photo of Batt O'KeeffeBatt O'Keeffe (Cork North West, Fianna Fail)
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The Ministers of State at my Department and I between us participated in eight regional meetings with business groups during July and August to hear at first hand from small businesses their experiences in gaining access to bank credit. These meetings took place in Cork, Athlone, Galway, Waterford, Bundoran, Dublin, Dundalk and Shannon. I am grateful to the businesses and their representative bodies for their full and frank engagement in the process. The information gathered at those meetings allowed me to inform Cabinet colleagues of difficulties being experienced by the participants and to raise matters further with the main banks.

I welcome the recent reported improvement in access to bank credit for small companies in June, July and August. I will remain in regular contact with the main banks in relation to their lending to businesses and will, together with my colleague the Minister for Finance, and John Trethowan of the Credit Review Office, continue to ensure that they meet their lending commitments in terms of providing sufficient credit to the business sector. The Credit Review Office is closely monitoring AIB's and Bank of Ireland's lending policies and their commitments to making available not less than €3 billion each for new or increased credit facilities to SMEs in both 2010 and 2011, including funds for working capital for businesses.

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