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16/03/2015
Call For NI Banks To Do More To Help Economic Recovery
Banks in Northern Ireland need to do more to help economic recovery, according to the Northern Ireland Affairs Committee.
The Committee says that while more competition in the banking sector in Northern Ireland would be welcome, the better way forward is for existing banks to improve their services to their customers without, however, a return to the aggressive lending practices which contributed to the current situation.
The Committee says it was most unsatisfactory that Ulster Bank was not given the opportunity to comment on the "disturbing" findings of the Tomlinson Report, however, the Bank's refusal to respond to the Spotlight allegations could not fail to give the impression that it had something to hide.
Laurence Roberston MP, Chair of the Committee, said: "From the reckless high-risk attitude of many banks pre-financial crisis, the pendulum appears to have swung too far back in the opposite direction. Over the past year, the Northern Ireland economy has shown very welcome signs of recovery, with many new jobs recently being announced and the banks themselves showing a return to profitability. The banks needs to build on this. It is regrettable that banks such as FTB and Danske, have chosen not to participate in HM Government’s Funding for Lending Scheme, thereby potentially denying Northern Ireland further capacity for growth."
(CD/MH)
The Committee says that while more competition in the banking sector in Northern Ireland would be welcome, the better way forward is for existing banks to improve their services to their customers without, however, a return to the aggressive lending practices which contributed to the current situation.
The Committee says it was most unsatisfactory that Ulster Bank was not given the opportunity to comment on the "disturbing" findings of the Tomlinson Report, however, the Bank's refusal to respond to the Spotlight allegations could not fail to give the impression that it had something to hide.
Laurence Roberston MP, Chair of the Committee, said: "From the reckless high-risk attitude of many banks pre-financial crisis, the pendulum appears to have swung too far back in the opposite direction. Over the past year, the Northern Ireland economy has shown very welcome signs of recovery, with many new jobs recently being announced and the banks themselves showing a return to profitability. The banks needs to build on this. It is regrettable that banks such as FTB and Danske, have chosen not to participate in HM Government’s Funding for Lending Scheme, thereby potentially denying Northern Ireland further capacity for growth."
(CD/MH)
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