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THE MINISTER FOR Finance Michael Noonan acknowledged in Brussels that Ireland has “a lot” of SME debt, but said that it was being “sorted out”.
The European Commission’s spring economic forecast highlighted SME debt in Ireland and other countries, stating that legacy debt and impaired access to finance continues to pose risks for SMEs.
Speaking to reporters in Brussels yesterday, the minister said he thought that the commission was correct in their analysis, but said that any country coming out of a bailout would have imbalances.
Restructuring
“The SMEs are being sorted out. Bank of Ireland say they have over 90 per cent of the SME debt restructured and AIB claim they have 65 per cent restructured so, as far as we’re addressing the legacy debt from the recession, the SMEs would be far down the list,” Noonan said yesterday.
In March, leading economist and Professor of Economics at UCD Morgan Kelly warned that when the European Central Bank inspects Irish banks they will find that a significant amount of small and medium businesses have debt issues and they will effectively be wiped out in one go when the European Central Bank “cleans up” Irish banks.
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In fairness the SME’s have always been low down on the governments “list” just above the Irish citizen.
Spot on Kerry.
I think that the list reads
Everybody else
then
The Irish taxpayer/SME.
“as far as we’re addressing the legacy debt from the recession, the SMEs would be far down the list,” Noonan said yesterday”
Yet the salaries/pensions/handouts to the culprits are secure.
Noonan and his government are questionably the worst travesty of injustice to be served on this country.
Noonan, you’re nothing more than a financial terrorist.
A willing groveling sonderkommando for the banking reich.
Debt being wiped out in one go you say! What a joke. As for AIB restructuring loans you’re just having another laugh. I closed the doors to my business two months ago and the bank did nothing to help. Actually they turned my overdraft ( 1000 euro only! ) into a loan so as it looks better on their books. When asked what I was going to do about the loan I told them I expect them to do the same thing that I have done with the last ten years of my life……WRITE IT OFF!
I know exactly what you’re on about George.
Un-payable debts listed on the records of bust zombie banks so as to try and cook the books.
Couple that with an unfit for purpose archaic “all new” (bank written) insolvency legislation that sentences the victims to another 5 years (and most likely a lifetime) of financial leprosy,
with their names being published on a “debt offenders” list like some kind of financial pervert or deviant.
What will Noonan and Shatter insist on next??
That middle class distressed borrowers must wear a bell around their necks and wail “unclean” as the go about their day?
Or
Maybe have their un-payable mortgage/loan balance tattooed on their foreheads like a death camp captive?
There’s going to be a wave of SME’s getting wiped out soon and this government better be ready for it.
Overdrafts are being pulled and loans are being called in immediately without restructuring.
The “cleanup” and it’s consequences will shatter our frail economy.
Does anyone really believe with what Michael noonan our any other goverment member says, its gone beyond a joke with all the lies and spin.
I don’t believe one word from any of them
the solution to a debt problem isnt more debt. Do you want to eat in a restaurant where half the meal price is going in loan repayments and stupid lease prices. let the badly run companies go, there wont exactly be a shortage of services.
As Baldie mentioned the main problem is the national debt and FG and Labour as debt collectors for their banking buddies need to focus on that…….
Apart from the fact that a lot of medium and small business’ in the service sector are having a terrible time in the market is because that market is skewed anyway….NAME propping up a load of broke developers enterprises where rents are cheaper and have no comparison to their neighbours higher costs. Rates too have no bearing on the trend from which they were set and the utter refusal to establish a fair return. And then we come to the government who promised to do away with upward rent reviews and have failed miserably. I agree that no business should be allowed to limp along without a proper plan but banks and developers have been bailed out. Also; the cost in terms of welfare to the state for all these unemployed small sector workers is enormous.
fully agree, Iim sure there are good family run hotels for instance with little debt but still difficult to make a profit because of the NAMA zombie “businesses” draining the market
While he is at it , how about sorting the 75 thousand drivers who lost their insurance with setanta ,seeing that he and the regulator knew about since november !
The Government are not interested in SMEs they are only interested in Multinationals and what they can sell off to them. This Government are only Dept collectors for the IMF time to cop on to these parasites.
‘sorted out’?
Not according to Morgan Kelly, the truth speaker Mickey!!
Call me a snob, but I don’t have any confidence in a Minister who uses word like “sorted”
Will you sort that billion euro deficit out?
Yeah, t’will be sorted next year!
Yeah!!
I think Noonan means, put them out of business, when he said
“The SMEs are being sorted out”
You have to remember that in Ireland a snotty letter threatening repossession/eviction is now classified as a loan having being “restructured”.
I don’t know why the journal are have titled the article
“Noonan says SME DEBT is being ‘sorted out’ “
And Pixie Lott
And I’m dating Katy Perry!
Absolutely, several members of the ruling Junta were indeed given soft loans to bail them out lest there be a shortage of TDs due to bankruptcy….to paraphrase FF…some many screwed, so many more to screw…viva FG/Lab
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