The Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD, has told senior bankers on a Government trade mission to the Middle East that they must 'return to first principles' and start lending to export-led Irish firms.In a meeting in the Saudi capital, Riyadh, with representatives of Allied Irish Banks, Bank of Ireland Ulster Bank on an Enterprise Ireland trade mission, Minister O'Keeffe told the bankers that ‘over the past decade a gulf has opened between banks’ trade finance practice and their understanding of the needs of export firms’.
‘It is vital for Ireland's export-led economic recovery that the gap is closed immediately and that our banks properly re-engage with our small firms in providing them with the working capital they need to drive their exports in existing and emerging markets.
‘The reality is that without the support of Irish banks emerging markets such as the Middle East cannot be cracked", said the Minister.
The meeting with the banks was also attended by the chief executive of Enterprise Ireland, Frank Ryan.
The decision to include the country's main banks on the trade mission is an effort by the Government to better attune them to the needs of export-led Irish firms and new marketplace challenges.
Irish exports to Saudi Arabia and the UAE last year were €400 million and €276 million respectively.
Posts
