Commenting on the Regulators plan to tighten regulatory guidelines on banking practices in Ireland, Graham Byrne, Spokesperson for Bibby Financial Services said:
"Stricter regulation in the banking industry may give some solace to Irish taxpayers who are paying the price of the banking crisis and will continue to in years to come and the steps outlined today will pave the way for major change. However, a more immediate solution must be found to ensure that credit is made available to Irish SME's to bring about economic recovery.
Lack of access to credit remains the key obstacle for Irish businesses and they must work with banks and financial institutions in finding alternative finance solutions. Irish banks now have an obligation to provide a better service and to actively implement practices that will help boost the Irish economy."