Longer-term support for small firms needed as energy crisis lasts, warns banking group

'Likely that current inflationary pressures through energy price increases will continue in the short term', report on SMEs says

Banking and Payments Federation Ireland chief executive Brian Hayes said the Government would likely have to go beyond its €4.1bn in emergency budget measures to help firms and households because the fallout from soaring prices   is likely to last for years. Picture: Sam Boal/Rollingnews.ie

The Government will likely have to go beyond its €4.1bn in emergency budget measures to help firms and households because the fallout from soaring prices is likely to last for years, Brian Hayes, the boss of the business group that represents Irish banks, has said. 

Mr Hayes, who is chief executive of the Banking and Payments Federation Ireland, or BPFI, said longer-term assistance would be required for small firms in particular because the crisis is unlikely to be over anytime soon.