This is exactly the kind of responsive research the Irish Central Bank should be doing. The Central Bank’s Fergal McCann takes a look at Irish SME indebtedness in the wake, presumably, of Morgan’s latest Irish Times op-ed on the subject. Fergal solves the data problem the ICB has for SME indebtedness levels using Red-C data.
There’s no doubt, I think, that there is a serious debt problem within Irish SMEs. But 34% lot of them have no debt at all, with others with very little debt relative to turnover.
McCann’s work is not of the ‘it’s grand lads, nothing to look at here’ variety, either, and it does put a shape on the problem for us.
The seriously indebted medium-sized enterprises are in trouble, though, and we now have a good measure of the likely extent of how many of these firms there are.