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'Short-sighted' banks slammed

Date: 28 March 2011   |   Author:

The chairman of the British Vehicle Rental and Leasing Association used his speech at the organisation's annual dinner to attack the "short-sighted approach" of some banks when it comes to funding, and called on the Government to find a solution to the problem.

"As yet, the Government has failed to produce an effective strategy for dealing with one of the biggest issues facing UK businesses - the lack of funding," he told the gathering of around 900 people. "I am more and more bemused with the short-sighted approach some banks have taken in either ignoring the vehicle finance sector or treating it with an attitude that verges on contempt."

Leaseplan's McNally, who will stand down after his two-year term as chairman in May, to be replaced by Neil Cunningham of Hertz UK, said a key task he had set during his time at the head of the BVRLA is to change the "misconception that our industry is too risky - or offers insufficient returns - for funders".

"Unlike some in the city, our members are not spivs or speculators, nor do they get paid large bonuses," he continued.

McNally did though say there are signs of some lenders returning to the market, and other new ones "dipping their toes in for the first time".

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