The I.E.A. strongly welcomed the Government’s timely and decisive move to ensure stability in our banking systems.

Liam Shanahan, President of the I.E.A stated;

“This early action by the Government at this critical moment for Irish banking will in my view provide an effective guarantee to our depositor base and stabilise the whole trading system”.

He went on to say;

“In an open economy with full exposure to international banking transactions and dependent on exports for future economic growth, there was an over-riding and immediate danger averted by this swift and decisive action of the Government”

The IEA had in its Pre-Budget 2008 Submission to Government called for:

-Back-up guarantees to the banking community to ensure they remained open and competitive in offering loan facilities to trading companies

-A wider range of venture funds developed between the state promotional bodies such as Enterprise Ireland, in conjunction with the banking Industry.

END

For further information, contact;

John Whelan, Irish Exporters Association

Tel: + 353 1 661 2182

Mob: 087 927 1243

Email: iea@irishexporters.org

About the Irish Exporters Association (IEA)

The IEA represents the needs of export industry ensuring that the necessary conditions are created and the necessary support is provided to assist companies to maximise their export sales. The IEA draws its membership from every exporting sector, ensuring that the interests of all industries are represented and promoted at the highest level.

www.irishexporters.ie