Madam, – It is easy to agree with Anthony Foley of DCU (Business This Week, January 7th) when he highlights the importance of exporting to this economy and the critical need to grow our indigenous exporting base, particularly to emerging markets.
Realistically, it is very difficult to get Irish banks to finance domestic orders, but to get them to finance orders or trade receivables from markets such as Brazil, China or India is well-nigh impossible.
Lack of finance constrains the development of exports to those markets, which is why all other EU governments support their exporting communities though credit insurance and finance schemes. Sadly, Mary Harney, when tánaiste in the 1990s closed the Irish export credit scheme describing it as “an anachronism”. Since then all sides of our political divide have failed to understand or appreciate the value of a properly administered state credit insurance scheme and are doing the exporting community – and economy – a disservice. – Yours, etc,