Conister Bank comments on the current economic crisis and the role of big organisations in supporting recovery Last week news headlines were dominated by worries of a second recession. It is easy to see why some feel that the outlook is bleak following a week which saw America downgraded, fears about the future of the Eurozone, and stock markets falling globally. There has been particular concern because, this time, it is the governments themselves that are in danger of defaulting on their debts. Understandably many of us are anxious about the state of affairs – if governments are struggling to meet their financial commitments, who can we turn to? Douglas Grant of Conister Bank believes that there is a significant role to play in the rebuilding of the economy for individuals and business managers. “While a strong response from governments is required to help stabilise the situation, it is becoming increasingly clear that the State cannot solve every problem and economic stimulus can and must come from the private sector. “Although a strong Government strategy is key to helping the Isle of Man through these tough times, they are not the only organisation with a responsibility. Local banks can ensure that Manx companies are still able to survive and develop despite the adverse economic climate. At a time when UK banks are cutting back their market exposure, Conister is continuing to lend at competitive rates to nurture the growth of small businesses. Conister has also committed more resource to lending to the Isle of Man business market which will aid the stimulation of the local economy by encouraging the further investment in core business assets. “All too often the reaction in periods of insecurity is to panic and cut back lending, but a more considered response is required. Long-standing organisations with knowledge gained during previous local economic uncertainties know how to help their customers get through these difficult times. When it comes to making sure the private sector prevails during tough economic times, businesses look to local providers with the experience and commitment to guiding Manx businesses and individuals through the crisis.” ENDS