Banks won’t even extend €100 overdraft to leading businesses

Date Published: 30-Apr-2009

ONE of Galway’s most successful businesses cannot even secure an overdraft of just €100 from Irish banks – despite the Government’s and taxpayers’ bailout of the banking system.

Aer Arann chief Pádraig Ó Céidigh said scores of businesses in Galway, including his own award-winning airline, are being denied access to term loans and overdraft facilities by banks.

The Connemara entrepreneur said small and medium enterprises in Galway will continue to be forced to either shut down or lay-off staff if the banks continue to refuse to make credit available to cash strapped businesses and customers.

Mr Ó Céidigh said small and medium companies are the greatest employers in Ireland, and won’t desert the country like multinationals, but are being put under enormous strain by the lack of credit flowing from the banks.

If the banks are…