ACC news bad for expanding businesses

25th October 2013

ICSA president Gabriel Gilmartin has expressed alarm at news that ACC bank was withdrawing all banking services. “Less competition is bad news for farmers and other businesses. We are already seeing the impact on business of less competition where loans are harder to get and fees and interest margins are creeping up. This is bad news for farmers and business, especially progressive enterprises that are expanding and increasing exports.”

“It is very worrying that the likes of Rabobank are pulling the plug. The Government needs to urgently examine what can be done to ensure sufficient competition in banking and how to expand credit to export oriented businesses such as farming. Today’s news is a worrying development and it will be a big concern to businesses and farmers who will now need to deal elsewhere.”