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THE HEAD OF the Credit Review Office has said that small businesses are struggling to find an Irish bank to take over debts owed to foreign banks leaving the country.
Many Irish businesses are looking for domestic banks to take over, or ‘refinance’, their debts to lenders that are getting out of the Irish market.
Speaking at the Oireachatas committee on jobs, enterprise and innovation earlier today, John Trethowen said: “We are seeing some demand for refinancing from banks that are exiting the Irish market, and that’s a cause for increasing concern.”
Citing the example of Danske Bank, he said:
“Dankse are pulling out rapidly…and some of the appeals that are coming to me are from customers of Danske that are having great difficulty getting finance from another bank.”
That issue’s going to increase during 2014 and into 2015, and I would be concerned about that.
Risk-averse
He said that the large amount of loan applications to the domestic banks means that they can cherry-pick the least risky loans.
“Pillar banks probably have enough new safe business to achieve their business objectives without having to extend themselves with higher-risk business, and this again would be a cause for concern.”
“I’d describe (the remaining banks) as being picky eaters. They are hungry but only for a certain level of risk.”
Some good news
Trethowan told the committee that while many businesses are still being refused bank debt, the funding crisis facing their owners seems to be less acute than before.
He said: “The reasons they’re coming now are more for increased working capital and growth, whereas in the initial years it was more about survival.”
He also said that the pillar banks, AIB and Bank of Ireland, had posted their best loan sanctioning levels in the first quarter of this year.
Established in 2010, the CRO rules on lending applications that have been turned down by banks.
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The sooner these people are tried the better.
@Andrea Brown: should read
“French prosecutors want 14 guillotined “
Governments may not be directly implicated in terrorism, but they’re aiding and abetting it by allowing mass immigration.
@Crispin Sodmonk: Don’t forget many governments are responsible for mass emigration by bombing the crap out of the middle east or aiding and abetting it through their proxy wars and arms supply. So not just allowing it but causing it.
@Fr. Fintan Stack: don’t mention the ousting of Gadaffi ,the seed to it all
@Fr. Fintan Stack: I agree.
“Suspected international terrorist” all these guys high up the food chain are intelligence agents.
Terrorism is a state run endeavour.
@Bernie Roche: u need more tinfoil Bernie
@Sammycroj: Good one
@Sammycroj: Thing people don’t realise is you have to earth the tinfoil, otherwise you are completely wasting your time
@Sammycroj: tinfoil on the head must be freezing this time of year.
@JJ O Riordan: It’d be room temperature
@JJ O Riordan: grease proof paper keeps your hair clean and fresh!
@JJ O Riordan: yes that’s the joke…Act accordingly
Look at BBC Northern Ireland today. 8 guys who beat 2 Irish guys to a pulp in the North of Ireland purely for being Irish (After which one of them died) got off almost Scot free with a 3 year sentence even after pleading guilty and admitting targeting the victims for being Irish. Most people here are programmed to worry about Muslim terrorists. This crap goes on in the North all the time. Journal.ie considers it normal and 5hat is why they stopped reporting all the cases. Yet some sick twisted people use the occasional ‘He is not the same color or doesn’t speak our language/religein’ as a basis to stir trouble for others.
@Cal Mooney: You guys who don’t support eliminating the anti Irish feeling on parts of this Island can’t support bringing measures to condemn other supposed threats to Ireland.
@Cal Mooney: The perpetrators in the.murder of the Irishnan claim to be aligned to loyalists. I don’t for one associate all protestants with the lunatic fringe that are out there. I can’t hear what FFG have to say in response, considering they recently met with the leadership of the organization aligned with killing this Irishman and their justifcation for their meetings with loyalist leaders knowing thei extremist supporters are engaged in sectarian attacks.
@Cal Mooney: Leo talks about Balaclavas slipping, yet he is happy to meet with anti Irish organizations involved in the murder of people purely for being Irish or homosexual.
@Cal Mooney: he was attack mainly because he was Catholic and not mainly because he was Irish .
…and yet the mainstream media remains silent on the Moroccan murders of this week, one of the most barbaric and revolting Islamic attacks of recent times.
They should just have just asked the publication to stop insulting their prophet.
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