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Gilmore focuses on the role of banks given the serious state of the economy

Posted on June 25, 2008 at 12:04 PM

During Leaders' Questions in the Dáil this morning, the Labour Leader Eamon Gilmore TD focused on the role of banks given the serious state of the economy.

"When the economy was booming, the banks were in the driving seat and you could get a loan for anything and they were pushing money at people. Now that the economic circumstances have changed somewhat the tune of the banks has also changed and it appears they are behaving in a way that could add to our economic difficulties.

"Where businesses are starting up now anew or who are expanding; are finding that the banks are now closed for new businesses. The banks are now squeezing the life out of many businesses and putting jobs at risk. I do believe they could apply their credit policies in a more measured and a more sensitive way in the new circumstance we find ourselves.

Eamon asked the Taoiseach to initiate discussions with the major banks to "persuade them to act in a more measured, more reasonable, more sensitive way with Irish business in this difficult time so the banks can become part of the solution to our economic difficulties rather than be part of the problem which they are at the moment".

You can read the full debate later on the Oireachtas website and watch Eamon's contribution on the accompanying video.

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