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Banks’ support for businesses to continue, says IBF

The Irish Banking Federation (IBF) today underlined the commitment of the banking sector to continue providing strong support to business generally, and to the Small and Medium Enterprise (SME) sector in particular, in the current economic slowdown.

IBF is engaging with SMEs, their representative bodies and member bank institutions, actively monitoring the challenges currently faced by many businesses and facilitating supportive responses by members within a competitive banking environment. IBF is confident that various new initiatives being introduced by lenders are gaining momentum and that they will have a beneficial effect across the business sector over the coming weeks and months. However, IBF stresses that such initiatives on their own will not be a panacea for the many challenges facing businesses and the wider economy at this time.

“The banking sector will not be found wanting in providing increased support for its business customers in these very challenging times”, states Pat Farrell, IBF Chief Executive. “Access to working capital and term finance is of fundamental importance to all businesses and to SMEs in particular. However, it is only one of a number of significant challenges facing businesses today, alongside sharply reduced consumer spending, increased pressure on margins and delays in debtor payments.”

IBF-member institutions continue to offer a range of competitive offerings complemented by a range of non-financial advisory and mentoring support services focused on the SME sector. “IBF will continue to maintain close contact with the appropriate SME representative bodies and keep the situation under review”, according to Pat Farrell.

Note to Journalists 
The Irish Banking Federation (IBF) is the leading representative body for the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Further Information: 
Felix O’Regan, Head of PR and Public Affairs, IBF, tel. 6715311, 087 6481644
Lisa Shevlin, PR Executive, IBF, tel. 6715311

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