Government ‘hoodwinked’ with €12bn credit plan

BUSINESS leaders last night warned the Government was being “hoodwinked” again by banks as ministers outlined a €12 billion credit initiative.

Energy Minister Eamon Ryan said it was payback time for “arrogant banks” as he insisted the new investment initiative would finally provide credit for struggling firms.

The move would see the Government setting targets for the big banks to lend next year and in 2012, with export-led companies being favoured.