RESS RELEASE 2ND April 09

The Banking Code must be Revised to ensure European Investment Bank (EIB) funds are released rapidly to export industry; -state Irish Exporters Association.

The Irish Exporters Association (IEA) today welcomed the recently released EIB loans into the Irish Banking sector stating it carried particular importance in the current financial climate when many smaller business trading internationally face extreme difficulties in accessing finance.

"However , it is essential this €300Million from the EIB is released immediately to export businesses to refuel the real economy"; stated John Whelan, chief executive of the IEA .

The IEA pointed out that the New Banking Code introduced by the Government when it agreed to re-finance the Banks only obliges these banks to increase their lending to small and medium sized business by 10%.

John Whelan stated;"We need to see business loans increased by 50%, in line with the new Code introduced in UK banking sector, and that the reduced rate on interest applicable to the EIB money finds its way to the intended recipient- the Irish trading sector."

The IEA chief executive stated;

"Cash flow is drying up rapidly in the economy, credit from overseas suppliers is tight and the export credit insurance has become very difficult to procure. This is preventing export industry maintain any kind of normal trading activity .A new source of trade credit is urgently needed �the EIB money if released urgently can help get the trading system going again ."

The IEA stated -- Irish Banking sector has supported the development of Irish export industry in it's rapid growth in the past , and must now support it get through the current recession despite the change in risk profile and falling asset values. New innovative funding and treasury structures must now be put in place to reflect the new realities for financing international trade , if export industry is to regain it's growth mode .

The IEA also urge the Irish Banks to access further EIB funds for capital projects, and support the continuation of funding for productive infrastructure projects. End

For further information, please contact:

John Whelan

Chief Executive

Irish Exporters Association

Mobile: 087 9271243