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Irish 'Clearing Group' To Quicken SME Financing,
by Jason Gorringe, Tax-News.com, London
Monday, May 18, 2009
Vice-Prime Minister and Minister for Enterprise, Trade and Employment, Mary
Coughlan released a statement on May 13, reiterating her commitment to ensuring
that the two recapitalised financial institutions actively support the Irish
Small and Medium-sized Enterprise sector.
Coughlan and Irish Finance Minister Brian Lenihan are to proceed immediately
with the setting up of a “Clearing Group” to assess patterns of
lending where the flow of credit to viable projects appears to be blocked and
to seek to identify credit supply solutions. This will build on the earlier
work done by Enterprise, Trade and Employment ministry, its agencies and the
banks.
The setting of the ‘Clearing Group’ follows on from the commitment
given by the two banks in the recapitalisation agreement.
Coughlan commented:
“SMEs are vitally important to our economy and access to credit for sound
projects is paramount for the maintenance and development of these enterprises.
I want to assure business that commitments given by these banks will be honoured.”
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