asked the Minister for Finance if he will introduce legislation to prevent the banks foreclosing on clients, especially those with concerns having a large labour content, without giving at least three months' prior notice.
Ceisteanna—Questions. Oral Answers. - Foreclosure by Banks.
Legislation to interfere with the course of commercial transactions between the banks and their customers could not be justified in present circumstances.
Could the Minister, in the interests of the public, tell the House whether the banks are pursuing the policy of the Government in its credit squeeze or whether the Government are pursuing the policy of the banks and are taking no steps to safeguard people from being squeezed out of business, with resultant unemployment?
That is an entirely different matter.
May I inform the Deputy that the level of bank loans and advances within the State shows no variation of any significance between the 31st December, last, and the last available date for which I have information. It is round about £145,000,000, up or down, with a variation of only £100,000 or £200,000 in that period.
Perhaps my question was not sufficiently specific. I was not referring so much to new loans as to the withdrawal of existing credit to industrialists and distributors.
That also would be reflected in the bank loans and advances.