Kyran Fitzgerald: Banks stuck in the dark ages over SME lending

We are in recovery and have been for some time. Asset prices are on the up yet when it comes to relationships with the owners and managers of small to medium sized businesses (SMEs), our lending institutions appear to be stuck in the dark, recent past.

Last week, employers group ISME accused the pillar banks of engaging in “extortionate behaviour” after it emerged that member firms were being asked to sign undated letters of resignation as collateral for business loans.

The report was widely picked up — serving to remind people of the harsh treatment meted out to struggling entrepreneurs during the financial crisis.