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Banks are abusing consumers through excessive interest rates in order to restore their depleted balance sheets, according to the Financial Regulator.

AIB has announced that it is targeting Bank of Scotland (Ireland) customers seeking to replace their banking arrangements following the recent announcement from Bank of Scotland (Ireland) that it is withdrawing from the Irish market. Bank of Scotland (Ireland) customers will need an alternative banking provider following the bank’s intention to cease the provision of working capital to businesses by the end of this year, as well as ceasing to take customer deposits.

Boys and girls making their communion in recent weeks will have experienced their first taste of ‘big money’ and the credit union is now offering advice on how to make this money go far. Mr Paul Walsh, CEO of CUNA Mutual, the credit union insurer, said that Holy Communicants receive hundreds and thousands of euro on their big day and is now encouraging parents to have their eight and nine years olds lodge their cache as savings.

1. Never sign a contract that you do not understand (for example - if it is in a foreign language).

Kilkenny Fianna Fail TD John McGuinness has welcomed the establishment of the Credit Review Office, an independent dedicated centre to ensure that the credit system is operating effectively for small and medium-size businesses. SMEs are businesses with fewer than 250 employees, turnover of less than €50m, and/or a balance sheet value of less than €43m.

Sinn Féin councillor Therese Ruane has called on Mayo County Enterprise Board to meet with Credit Unions across the county to initiate a small business loan scheme. Cllr Ruane believes that such a scheme would save dozens of small businesses and hundreds of jobs across Mayo.

Business lobby groups have welcomed the .5 per cent reduction in interest rates announced on Wednesday by the European Central Bank (ECB) and have demanded that the full benefit be passed on immediately by the banks.

Regional businesses are at risk of “going to the wall” before Christmas, due to their inability to access credit so the banks must “urgently provide cash flow” to protect the city’s businesses and economy.

Regional businesses are at risk of “going to the wall” before Christmas, due to their inability to access credit so the banks must “urgently provide cash flow” to protect the city’s businesses and economy.

There was good news for businesses yesterday when it was announced that Bank of Scotland Ireland has said it will lend €1 billion to consumers and businesses in 2009.