Ex-NTMA Somers: State should guarantee small loans for pubs and restaurants in Covid-19 crisis

The former head of the National Treasury Management Agency (NTMA), Michael Somers, who helped set up the agency during the crisis of the late 1980s, said the banks could do much more during the Covid-19 crisis but that a State guarantee for small firms including restaurants and pubs may be required to spur lending.

Mr Somers said he was speaking as the former head of the NTMA and not for broker Goodbody, where he is chairman, nor for financial services firm Fexco, where is a non-executive director.