IHF STATEMENT ON SUPPLY OF CREDIT

Hotels face unjustifiable difficulties accessing credit

Commenting on today’s report by the Central Bank on SME credit supply and demand, the Irish Hotels Federation (IHF) states that hotels continues to face unjustifiable difficulties in accessing appropriate levels of credit from financial institutions. Citing recent findings from its quarterly industry barometer (July 2012), the IHF states that 39% of hoteliers have experienced difficulties accessing standard/normal credit facilities from their banks over the last year.

“Access to credit continues to pose a major challenge for many of our members,” says Tim Fenn, Chief Executive, IHF. “The Government must do more to ensure banks facilitate the economy by supplying much needed credit to viable businesses. This is of particular concern to hotel and guesthouse owners who require access to appropriate levels of credit not only to run their businesses but so they can continue to invest in their product.”