Ulster Unionist Economy spokesperson, Sandra Overend MLA, has set out the Ulster Unionist position on improving access to finance in advance of a series of meetings to be undertaken by the Finance Minister Simon Hamilton with Ministers and senior bank executives.

The Mid Ulster MLA said;

“The banking sector in Northern Ireland is facing major challenges at present not least with the lack of any real detail on regional lending, the inability of SME’s to access credit and the future of Ulster Bank as a subsidiary of the Royal Bank of Scotland. There are also specific problems for rural communities following the closure of a number of Danske Bank branches.

‘First and foremost it is essential that we establish Northern Ireland specific targets for lending which would ensure that Banks here are lending to SME’s at a level which enables growth and job creation. From listening to businesses on the ground they are still struggling to access finance from the main banks. This is an issue which the new Finance Minister needs to raise with the relevant Ministers and officials at Whitehall during the course of his meetings.’

‘Neither the Coalition Government’s ‘Project Merlin’ nor the subsequent ‘National Loan Guarantee Scheme’ have  brought about any significant improvement here with respect to local businesses. After over three years of difficulties in this respect it is essential that the new ‘Funding for Lending Scheme’ brings about a significant step change in lending to local business. It is time for the Finance Minister to ensure that NI businesses are no longer disadvantaged in benefiting from national initiatives.

‘The recent ‘Review of access to finance for NI businesses’ report by the Economic Advisory Group called for increased communication between banks and government and I welcome the moves by Mr Hamilton to address this. However, whilst this increased engagement is positive, it is tangible outcomes which are needed and the Minister will be judged on his ability to deliver those.”