Banks must learn to function in the interests of the business community and the economy in general, according to Fianna Fáil TD Beverley Flynn. Speaking in the Dáil on the Finance Bill, Deputy Flynn said that she was concerned that money was not being made available to small businesses which are going through difficult times.
Said Dep Flynn: “I am very concerned at the inability of the banks to function in the interests of business. I am not referring to the ability of the banks to function in their own interest, but I am concerned about the lack of availability of moneys for small businesses which are struggling. I understand that in many cases such businesses are receiving help from the banks but onerous rates of interest are being charged, which puts further pressure on businesses that under normal circumstances would not have a difficulty. I am keen to see tighter regulation in the financial sector and would like to see the Minister for Finance bringing about a recapitalisation of the banks.”
Dep Flynn added that “there should be a significant injection of confidence in the marketplace. Combining private investment, which I believe is available, with Government money is the best way to proceed. I encourage the Minister to do so as soon as possible.”
