Thursday, November 25, 2010
SMMT president rounds on banks
The outgoing president of the SMMT, Joe Greenwell, has rounded on banks for continuing to provide insufficient credit for automotive companies.
“We remain frustrated with the struggles we face in accessing affordable credit, particularly by those companies in the supply chain who have such a vital role to play in our growing low carbon industry,” he said at the society’s annual dinner in London last night (23 November).
“We are still wrestling with a banking sector that has come to regard automotive as high risk. This is an outdated view and the banks must think carefully about government statements concerning advanced manufacturing and the strength of the automotive industry going forward. There has been a profound change and the banks should recognise this.”
Greenwell said the economic crisis had allowed the sector to demonstrate its strength and resilience.
“We have sustained our industrial capability and can now take advantage of a recovering global automotive market.”
Greenwell also confirmed that the society will move out of its Forbes House headquarters in London’s Belgravia next summer and will move its operations to Westminster.
“With this move, we have secured the society’s finances for years to come which has been an objective of all presidents in recent years,” he said.
Greenwell’s successor as president will be Nigel Stein, chief executive of GKN’s global automotive business, who takes over the position in January 2011.
DATED: 25.11.10
FEED: MT
