Accounting body offers to broker SME debt solution

The leading representative body for the accountancy profession in Ireland has said it is willing to partner with the Irish Banking Federation in a bid to develop a series of solutions aimed at alleviating debt levels in the small business community.

Recent Central Bank forecasts suggested that up to €25bn worth of SME- related debt is currently impaired; with those levels creating a knock-on concern for job creation and business growth.

“One of the most significant issues affecting SMEs in Ireland, at the moment, is the level of unsustainable debt that is impacting otherwise profitable operations.