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Business group disappointed with bank services

Written by Sim Pinder, on 16th Sep 2016. Posted in

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ISME, the Irish Small and Medium Enterprises Association, released its latest Quarterly Bank Watch Survey today. 

The Association warned that the delays and refusal rate, when requesting bank credit, is placing constraints on business and restricting growth. 

The survey shows that 38% of respondents had required additional or new bank facilities in the last 3 months, compared with 42% in the previous quarter. 

However, 36% of companies who applied for funding in the last three months were refused credit by their banks, a marginal increase on the 35% rate, seen in the previous quarter.          
                          
ISME CEO, Mark Fielding commenting on the results of this quarter's survey, said, "We are disappointed to see the bailed-out banks slip back into their old ways of the 'long no'. The substantial increase in the length of time it is taking to get approval on a loan demonstrates a complacent and lazy attitude from bankers. The delay in decision time has increased from 7 to 8.5 weeks and is a cause of concern and totally unsatisfactory, as it has major implications for businesses."
 
ISME has today called on the Government to investigate the increasing delays in decisions by the rescued banks and ensure reliable reporting from the rescued banks, through the Department of Finance and Central Bank. 

Source: www.businessworld.ie

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