Farm Contractors To Meet Bank Officials - McGrath

Following their sit in at the Friends First Headquarters in December 2012 and their subsequent meeting with the Chairman of the Irish Banking Federation, Mr. Pat Farrell, representatives of the Farming Contractors of Ireland Association along with Independent TD Mattie McGrath are to meet with Central Bank of Ireland Officials this afternoon to discuss the upholding of the Central Banks Code of Conduct for Business lending to SME’s by banking institutions throughout the Country.

Following their sit in at the Friends First Headquarters in December 2012 and their subsequent meeting with the Chairman of the Irish Banking Federation, Mr. Pat Farrell, representatives of the Farming Contractors of Ireland Association along with Independent TD Mattie McGrath are to meet with Central Bank of Ireland Officials this afternoon to discuss the upholding of the Central Banks Code of Conduct for Business lending to SME’s by banking institutions throughout the Country.

The Central Bank Officials include Bernard Sheridan, Director of Consumer Protection, Terry Murhpy, Senior Regulator Consumer Protection, Banking & Policy and Mr. Mark Ward, Consumer Protection, Banking & Policy.

“Following our meeting with the Irish Banking Federation where we were given a commitment that all banks would be reminded of their responsibility under the code of conduct for lending to SME’s, we are looking forward to meeting with these officials to get a similar commitment that the Central Bank of Ireland are taking this matter seriously and that anyone that finds themselves in debt will not be treated in an unfavourable manner by the lending institution.” Said Deputy McGrath

“There is simply no point in the Central Bank of Ireland having a code of conduct if it is not worth the paper it is written on. Banks need to adhere to this code of conduct and there must be consequences for them if we act in a manner that contravenes this code.”

“The Central Bank needs to be made aware of what is really happening on the ground and we need to make sure that no other small business person, farmer or family, who find themselves in financial difficulty are not subject to out of hours raids on their property” said Deputy McGrath

“This matter needs to be taken seriously for the sake of all those who find themselves in financial difficulty and we look forward to meeting with the Central Bank later this afternoon to address this matter.” concluded McGrath