Small Business Minister’s personal bank deal ‘clear conflict of interest’ in holding banks to account

'It is clear that the banks are setting the agenda and the Government is failing to get value from the huge investment in the banking sector'

THE Irish Government’s Minister for Small Business has “a clear conflict of interest” in holding the banks to account after his recent confidential agreement with Danske Bank over his €2.4million personal debt, Sinn Féin Senator David Cullinane (Jobs, Enterprise & Innovation) has said.

Danske Bank seized control of assets and properties owned by Minister for Small Business and Fine Gael TD John Perry until he reached a deal with it on 2 September.

Sinn Féin’s David Cullinane said Taoiseach Enda Kenny must address this issue.

David Cullinane pointed to a report by the Irish Small and Medium Enterprises (ISME) on Monday showing that there has been a reduction of 13% on approvals from banks for loans to small and medium-sized businesses.

The survey also found that banks approved fewer than 6 out of 10 (57%) loan applications.

Senator Cullinane said it should be remembered that this sector drives the economy and sustains 78% of employment.

“Yet the banks continue to increase costs and refuse credit to our small businesses. The actions of the banks are undermining business and growth,” he said.

“It is clear that the banks are setting the agenda and the Government is failing to get value from the huge investment in the banking sector. The Government needs to act in the interest of our people, our SMEs and our economy.

“We need a ministerial team in Enterprise, Jobs and Innovation that will hold banks to account. Instead, we have a Minister for Small Business, John Perry, who is indebted and dependent on banks to support his personal business interests. It is clear that there is a conflict of interest and the Taoiseach must address it.”