Lending key to growing the economy - Moutray

Mr Moutray said: “Quite correctly the executive set growing the economy as its top priority.

“Northern Ireland’s local economy continues to be unbalanced with an over-dependence on the public sector. We need focus on growing the private sector.

“The availability of finance and the difficulties in the banking sector continue to be a constraint to growth in Northern Ireland. There are indications that bank lending in Northern Ireland might not have recovered as quickly as it has in the other parts of the UK. The expansion of private companies will not replace the public sector if forward looking companies cannot get the money.”

he concluded: “It is vital that lending improves. This is especially so given Northern Ireland’s heavy reliance upon small to medium businesses which depend heavily on bank lending.”