Engagement with financial sector can benefit economy - Dodds

Engagement between government and the local banking and accountancy professions can help benefit the wider economy, Finance Minister, Nigel Dodds, emphasised today.

The Minister was speaking at the Annual Joint Meeting of the Ulster Society of Chartered Accountants and the Institute of Bankers in Ireland at Stormont Hotel, Belfast.

Stressing the important role that the banking and accountancy professions play in our local economy, Minister Dodds said: “The very difficult economic climate we are all facing, makes it imperative that we as an Executive work closely with all stakeholders, particularly those in the banking and accountancy professions. I firmly believe that such constructive dialogue, which is continuing, is essential if we are to successfully overcome the current economic challenges."

“We in government need to maintain, and indeed build on our links with the banking and accounting profession, both of which have much to offer in the way of expertise and experience.”

The Minister revealed that, as the first stage in an ongoing engagement, senior officials in his department have recently met with representatives of the society to discuss how best to call upon the expertise and resources that the society has offered to the Executive. Mr Dodds confirmed his full support in exploring all opportunities to develop new initiatives for our economy.

“I am grateful to the Ulster Society for their commitment to this process. If nothing else this interaction will help foster a more informed debate on the real needs of our economy.

“In terms of the banking sector, I have been very encouraged by my engagements with representatives of our local banking sector over recent months. There is now a clear appreciation of the local banks responsibilities to the wider economy in Northern Ireland.”

Mr Dodds highlighted the steps he and the wider Executive have taken to alleviate pressures in the current economic downturn. The Minister has already frozen non-domestic rates and introduced a small business rate relief scheme. He has set a target for the public sector to ensure invoices are paid within 10 days, to help firms with their cash flow and most significantly of all, continues to oversee the delivery of the significant programme of capital investment in infrastructure projects, such as roads, schools and hospitals.

The Minister concluded: “The only way that we are going to successfully navigate our way out of this economic turmoil is if all stakeholders work collectively in setting an economic policy agenda.”

Notes to Editors:

1. Finance Minister, Nigel Dodds was speaking at the Annual Joint Meeting of the Ulster Society of Chartered Accountants (USCA) and the Institute of Bankers in Ireland (IoB) in the Stormont Hotel, Belfast.
2. Media enquiries only to DFP Communications Office on 028 9052 7644 or 028 9052 27375. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.