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Incoming CPA Ireland president Cormac Fitzgerald Shane O'Neill Fennell Photograph

'SSIA for SMEs' could unlock €90 billion funding pot

CPA Ireland’s new chief says that the Government needs to re-think existing financing options.

AN SSIA-STYLE scheme that would allow people to invest their savings into Small and Medium Enterprises would provide the sector with the shot in the arm it needs.

That’s what the new President of the Institute of Certified Public Accountants in Ireland thinks.

In his inaugural address, Cormac Fitzgerald that the government needs to encourage savers to invest some of the €90 billion currently on deposit into small businesses.

If savers were allowed to put some of their money into an account which would be lent to or invested in SMEs under the management of the bank and get full tax relief for it…this could divert billions of euro in funding into the sector.

Tax write off for investors

Under the proposed project, savers could get a 41 per cent tax relief on their invested funds.

He said: “Banks would be…better able to meet the funding needs of their business customers; SMEs would benefit through a new line of funding; and the country would benefit through job creation and an overall boost to the economy.”

He criticised existing programmes like the Employment Invesment Incentive Scheme, sayin that it was “too complex and costly”.

Breaking link with bad property debt ‘vital’

Fitzgerald called for a new approach to dealing with SMEs that are weighed down by the burden of property debt acquired during the boom

“The costs of servicing these debts are sucking the lifeblood out of viable SMEs and holding back growth and job creation.”

He said businesses should be allowed to take a loan holiday, which would “freeze and warehouse a portion of these debts for a period during which no further interest would accrue.”

Restrictive, badly marketed and poorly explained: Government finance scheme for SMEs is not working>

SME sector ‘over-reliant’ on banks>

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15 Comments
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    Mute Neal Ireland Hello
    Favourite Neal Ireland Hello
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    May 6th 2016, 3:49 PM

    Do these kids have any adults supervising them or is this a extract from “Lord of the Flies”.

    42
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    Mute Rothar Man
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    May 6th 2016, 4:07 PM

    Can of coke or red bull or one of those monster drinks. Sure teenagers drink these all the time. Without an adult holding their hand

    36
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    Mute Neal Ireland Hello
    Favourite Neal Ireland Hello
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    May 6th 2016, 4:27 PM

    I’m pretty sure my mom or my PE teacher of the chief Beaver-Scout or somebody would have reigned it in a little if I was having heart palpations or my teammates were ending up in hospital.

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    Mute Rothar Man
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    May 6th 2016, 4:46 PM

    When you were 17?

    8
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    Mute Assel Dannourah
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    May 6th 2016, 8:10 PM

    coffee should have an over 18 sticker on them and pictures of stressed out people with yellow teeth and broken relationships

    14
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    Mute James Darcy
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    May 6th 2016, 8:13 PM

    Coffee is fine!.. It’s these sugar taurine caffeine laden drinks that are advertised as “energy” that is causing harm.

    21
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    Mute Martin Fahy
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    May 7th 2016, 8:08 AM

    I am guessing you do not have teenagers in your family, try giving advice to one and see for yourself,

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    Mute Damien Lawrence
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    May 6th 2016, 4:32 PM

    Every person in Ireland participating in sport is taking caffeine drinks, isotonic drinks or protein shakes. Nothing new here.

    17
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    Mute Ronan Cooney
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    May 6th 2016, 4:12 PM

    Have cyclist learnt nothing from the stimulant abuse in their sport

    16
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    Mute Rothar Man
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    May 6th 2016, 4:51 PM

    This is cyclists learning and being proactive about it you clown.

    13
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    Mute Damien
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    May 6th 2016, 10:44 PM

    Pedlars penis I think they call it

    6
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    Mute Pat Gorman
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    May 6th 2016, 5:26 PM

    Yet more “supplements”?
    Can anybody take cycling seriously?
    Who cares if they cycle fast anyway?
    I couldn’t care less if they cycled at the speed of sound.
    All of them are bores.

    13
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    Mute fergieoc
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    May 6th 2016, 5:37 PM

    Come on now pat, if your going to make an effort make it count

    20
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    Mute F J D
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    May 6th 2016, 6:36 PM

    Bores with no skill

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    Mute Jimmyjoe Wallace
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    May 6th 2016, 7:08 PM

    No skill? That’s just a stupid thing to say.

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    Mute Pat Gorman
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    May 6th 2016, 8:09 PM

    You make what effort count Fergeioc?
    Caffeine is a dangerous drug if taken in excess.
    Nice in a cuppa… either tea or coffee usually.
    A great harmless stimulant in a cuppa.
    Gets you going in the morning.
    .
    Caffeine can kill you if taken in excess.
    Boring cyclists want to bore us even more with their “hyper-caffeine” performance.
    Who cares how fast they cycle anyway?
    Nobody at all except themselves.

    2
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    Mute Rothar Man
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    May 6th 2016, 8:19 PM

    Calm down pat

    11
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    Mute fergieoc
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    May 6th 2016, 8:59 PM

    Yawn

    3
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    Mute F J D
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    May 6th 2016, 9:43 PM

    Not really . It’s an endurance pasttime as opposed to a sport that requires skill such as soccer, hurling, badminton etc. Hence much less substance abuse in these sports as there is only a moderate benefit

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    Mute Jimmyjoe Wallace
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    May 6th 2016, 9:57 PM

    FJD descending a mountain road with sharp S bends at 90+ KPH requires a lot of skill, also have a look at downhill mountain biking and tell me it’s not skilful. And Badminton shouldn’t even be described as a sport, it’s just a game, like snooker or tiddlywinks.

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    Mute stu pid
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    May 6th 2016, 10:42 PM

    Haha F J D. Your naive and clueless if you believe that!

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    Mute stu pid
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    May 6th 2016, 10:46 PM

    I’d take you on and slam dunk ya with any of those sports without breakfast, never mind performance enhancing products!

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    Mute F J D
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    May 7th 2016, 4:09 AM

    Ape

    1
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    Mute F J D
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    May 7th 2016, 4:13 AM

    Say what you like but the facts are its because cycling is endurance based and not skills based that substance abuse is rampant within the pasttime.

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    Mute Thomas Johnson
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    May 7th 2016, 8:10 AM

    Go home FJD, you’re drunk..I suppose you’ll say now that there is no skill involved in descending a tricky mountain descent at speeds reaching 80-90 km/HR

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    Mute stu pid
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    May 7th 2016, 4:17 PM

    Seriously though, if you think drugs are not involved in other sports your crazy! Cycling just happens to be better monitored now, most other sports are rarely tested consistently! Most drugs stay in your system for approx 2 days and normally only tested just before or after an event. Drug use is rampant in every sports off/training season when no testing is done. Your previous comment is not a fact it’s an opinion! Every sport requires skill and the best person wins, foolish to think otherwise!

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    Mute Diarmaid Twomey
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    May 7th 2016, 5:32 PM

    Am I just stupid or is the idea of having caffeine prior to a work out not moronic in the extreme? I actually avoid all stimulants prior to jogging etc yet have always wondered about the sense of ppl raving about bulletproof coffee etc prior to workouts….

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    Mute Helena Reed
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    May 7th 2016, 2:55 AM

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