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02/07/2008
Top Banks To Face Tough Questions
Representatives from Ireland's four leading banks will face another round of tough questions about their lending policies before the Oireachtas Finance Committee on Wednesday.
The banks have been criticised by politicians for an alleged lack of flexibility in the current economic climate.
It is the second time the executives; Donal Forde of AIB; Richie Boucher of Bank of Ireland; David Guinane of Permanent TSB; and Willie McAteer of Anglo Irish Bank have been summoned to explain why loans for individual borrowers and for business have become so scarce after years of record credit growth and fat profits at the banks.
Fianna Fáil TD Michael Ahern, who chairs the Finance Committee, says the committee feels there is a necessity for the banks to explain why they are changing their lending policies, especially in relation to small businesses and for those in the mortgage market. He points out that 80% of employment in the country is created by small businesses such as shop-keepers, fishermen, farmers, small contractors and manufacturers.
While he acknowledges the tightening economic conditions, Mr Ahern says it is essential the banks make money available to small businesses at a 'reasonable' rate and not make any further increases in interest rates - as they have been doing.
(DW/JM)
The banks have been criticised by politicians for an alleged lack of flexibility in the current economic climate.
It is the second time the executives; Donal Forde of AIB; Richie Boucher of Bank of Ireland; David Guinane of Permanent TSB; and Willie McAteer of Anglo Irish Bank have been summoned to explain why loans for individual borrowers and for business have become so scarce after years of record credit growth and fat profits at the banks.
Fianna Fáil TD Michael Ahern, who chairs the Finance Committee, says the committee feels there is a necessity for the banks to explain why they are changing their lending policies, especially in relation to small businesses and for those in the mortgage market. He points out that 80% of employment in the country is created by small businesses such as shop-keepers, fishermen, farmers, small contractors and manufacturers.
While he acknowledges the tightening economic conditions, Mr Ahern says it is essential the banks make money available to small businesses at a 'reasonable' rate and not make any further increases in interest rates - as they have been doing.
(DW/JM)
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
