‘Banks alone cannot end cash crisis’

THE Irish Taxation Institute wants the Government to adopt measures to help solve the cash crisis facing businesses, 500 of which have failed this year.

“The ESRI, in its latest report, said that the banking system alone will not solve the current liquidity crisis. Some interesting ideas have emerged in Britain, in the general election manifestos, ideas which should give pause for thought in Ireland.

“For example, Finance for Growth Funds, which would channel private equity into growing businesses, the doubling of the Entrepreneurs Relief lifetime limit, resulting in gains of up to €2 million being taxable at the low 10% CGT rate, and a National Loan Guarantee Scheme for business, are amongst the measures being proposed,” institute president Olivia Lynch told delegates on the opening day of the organisation’s annual conference in Galway, yesterday.