Friday, June 18, 2010

Church leaders unite to slam banks

The four church leaders have united to condemn banks which they said were forcing decent Northern Ireland businesses to close.

Financial institutions are holding back the recovery and putting companies and their employers at risk, the clerics added.

Church of Ireland Archbishop Alan Harper, Catholic Cardinal Sean Brady, President of the Methodist Church the Rev Paul Kingston and Presbyterian Moderator Dr Norman Hamilton want to meet the banks.

Archbishop Harper said: "There is a culture of aggression and threat where the only priorities are the banks' priorities."

The churchmen are concerned about significant inflation in interest rates and transaction charges; immediate withdrawal of overdrafts; the inaccessibility of decision makers; micro-management of a business's affairs and discrimination against areas like construction.

Archbishop Harper added: "It is becoming clear that there is a tangible risk to the economy through banks seeking too rapid a restoration of their own balance sheets.

"That risk translates into a threat to jobs and family income for the rest of us, inflicting additional misery on businesses and their employees."

He said the experience of some businesses was shocking, causing immense pressure and threatening closure and job losses.

Cardinal Brady said: "Many of those who have come to us for support have been placed under needless financial pressure when they are running solid businesses which have provided much-needed employment across Northern Ireland."

Mr Hamilton added: "At a time when Northern Ireland, through the efforts of its own politicians, local business people and entrepreneurs, is trying to strengthen and build the economy, it is ironic that many of the financial decisions needed to support it are being taken by people from elsewhere."

SIC: II