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The pantomime of whether credit is being made available by banks to small firms continues. On the one hand the banks quote various figures of amounts available and being lent. While firms and their representative associations say the banks are “closed for business”. Oh no we're not. Oh yes they are... Vistage would be delighted to hear from both members and non-members of their experiences in obtaining credit. Sharing knowledge is what Vistage is all about. Make sure your comments are general and don't reveal your identity or company. We covered this issue in a previous blog (Credit watch) when AIB denied credit rationing and spuriously backed up its claims by quoting the Credit
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The sight and sound of AIB begging for an extension to the state banking guarantee probably did not engender a great deal of sympathy from SMEs. It certainly did not from this correspondent.
RTE business editor David Murphy says the fact AIB is “calling for it, shows things would be very difficult if the bank guarantee was not there”.
As long as AIB, and other banks in the scheme, are protected under the bank guarantee they are able to borrow money at a decent rate on the wholesale market – and keep lending to customers.
