IBEC - Newsroom - Creating jobs key to reviving banking sector and economy

Wednesday, 21 April 2010

IBEC Director General Danny McCoy today said that, following the decisive moves to stabilise the banking sector, attention must now turn to getting the wider economy back on track. He said getting people back to work in sustainable enterprises was the ultimate key to reviving the banking sector and the wider economy.

Mr McCoy was speaking at a major conference on developments in the financial sector organised by Financial Services Ireland, the IBEC group that represents the sector, at the Four Seasons Hotel, Dublin. The Financial Regulator Matthew Elderfield and the Minister for Enterprise, Trade and Innovation Batt O'Keeffe also addressed the conference.

"Recovery is contingent upon businesses returning to growth and recruiting new staff. Unless this happens, not only will the public finances continue to deteriorate, but we will undermine the progress that has been made in stabilising the banking sector. There is little point in recapitalising the banks if that capital is continuously eroded by defaults and impairments caused by rising unemployment and business failures.

"The global economic recovery is already lifting Ireland's export sector out of recession. A recovery in the domestic economy is the next step. To drive growth and job creation the Government must now set out an ambitious capital investment programme. Businesses are eager to get involved and invest, but this is proving difficult in the absence of an up-to-date plan."

Concluding his address Mr McCoy said: "Ireland future success is contingent upon us all learning the lessons of the past. We need to examine closely what went so badly wrong in this economy, including the business, regulatory and political mistakes, and ensure that they are not repeated. We also need to recognise the many underlying economic strengths we retain and build on these into the future."

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Creating jobs key to reviving banking sector and economy

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