Noonan ‘open to suggestions’ on credit

THE Department of Finance is asking for the public’s help on what can be done to encourage viable businesses to seek credit.

The department will then sit down to discuss the ideas suggested by the public next Wednesday, June 1, with “an open mind”.

In what was described as a “credit suggestions initiative”, Finance Minister Michael Noonan said that the creation of two pillar banks will mean they will have the capital to allow them to “more than meet the credit needs of the economy”.

He said the Government wants to make sure it explores all avenues to make sure that credit is available for viable businesses.

The department said suggestions can be as short or as long as applicants wish as they are trying to get “as many ideas as possible, which will develop new thinking on the issue”.

Despite officials sitting down to discuss the ideas on Wednesday, the email box will remain open until Wednesday, June 8, as “there will be a further meeting to consider suggestions”.

Mr Noonan will then publish a document with the suggestions that will be implemented “as appropriate”.

Fear not for your identity, however, as it will not be revealed. The ideas will not be attributed to individuals and the department said people should “feel free to make suggestions in confidence”.

“We want to ensure that viable businesses with credit requirements actually come looking for credit and to remove any obstacles which may prevent or restrict them from doing so,” Mr Noonan said.

He urged people to get involved in the initiative, saying it is a “simple” one which will not make “major time demands” on participants. He said, however, that it should be able to make “a real difference” to the credit situation facing small and medium businesses.

Suggestions for the initiative can be submitted via the email address: [e-mail].