More credit needed for small firms, says Martin
The Fianna Fáil leader said yesterday that the importance of small and medium-sized enterprises to the economy “cannot be overestimated”.
But many small firms have suffered hugely since the banks needed rescuing by the state in 2008, as the troubled financial institutions have proved reluctant to issue new credit to them.
The Government has been blamed for failing to force the state-guaranteed banks to do more for firms.
Mr Martin said that access to credit had been a “huge challenge” for firms and it was time to “put more pressure” on the banks.
“I want to be clear about this — it is an absolute priority of Fianna Fáil to ensure that the flow of credit is restored for small businesses,” he said.
“Fianna Fáil’s position is simple — if the banks are not working for small business, then it is the responsibility and obligation of the political system to make sure that they do so.”
Given the assistance they had received from the public, the banks “need to be under no illusion… that they have a duty to stand with the community”, Mr Martin added.
He insisted there were signs of progress, pointing to the most recent report of the Credit Review Office, established by the Government to monitor the flow of credit to firms.
“We will continue to push the banks through the Credit Review Office to free up credit and to help businesses to gain access to funding.”
Meanwhile, Mr Martin also said yesterday there was no reason why ministers could not be appointed from outside politics, provided they first go through a confirmation process.
“We are unusual as a country in restricting government to professional politicians, and I’m saying we need to broaden it and remove that restriction into the future so that people who are not professional politicians could sit at the Cabinet table and be in government,” Mr Martin said.
Any such changes would require a referendum.
