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High tech viable Galway company ready to create jobs, rejected by state-owned banks – Healy Eames

Banking behaviour unpatriotic, sabotaging hope and futures

Today Fine Gael Senator Fidelma Healy Eames highlighted in the Senate the scandal of a viable high-tech Galway company with 100 per cent exports that has been refused credit by the banks. This company has a strong order book for new business in the region of €4.5m euro, it is in a position to employ eight new staff but can’t get the finance from any bank to purchase the equipment needed to deliver the project.

“This is nothing short of national sabotage by our banks. This company has all the right ingredients. It is export-lead, it can employ new people and it is high-end and attracting new business from abroad. What could be better? The lack of credit and funding flowing from our state owned banks for a project of this nature is unacceptable.

“To make matters worse this company has only a short window of time to get the finance or it will lose the orders to competitors in the UK and Europe.

“I will be bringing this matter to the attention of Minister Noonan on his return from the US.

“This is a case where I would also like the Credit Review Office to take an in-depth look at the lack of response by the banks in question. I want this office and the Finance Dept. to intervene and instruct the banks that they must release funds for viable sustainable projects. The banks are there but for the grace of government. I want them to revise their procedures and practices and to get on with task of facilitating growth and employment as they pledged to do when they were recapitalised and facilitated by NAMA.”

“This Galway company is a real example of yet another business whose growth is curtailed by our banks. It has a strong order book, based in an area that needs job creation and has a very viable future, yet it is hitting a wall when it wants to expand at a time that the country and our own people need it most. Behaviour of this nature by state-owned banks is unpatriotic.”

“We need to remind ourselves that these are the banks we actually own! When they were nationalised, they were done so with the express purpose to get credit flowing and to jump start the economy, said Senator Fidelma Healy Eames.