Reflecting on the current state of the NI economy, the Minister said, “The outlook for Northern Ireland is one of slow recovery and there are still difficult times ahead.”

While Banks, both locally and nationally, have faced recent criticism from the business community over the rates of interest that they are charging for lending, Minister Wilson hammered home the need for Northern Ireland's banks to provide lending to businesses at affordable rates.

“As we move forward, I believe it is important that lending at affordable rates to our local businesses and consumers is available. Ensuring that our local businesses and consumers have access to finance at reasonable terms will be important in terms of ending the recession and stimulating growth.”

Representing the impact of the financial downtown on the Social Economy, UCIT CEO Brian Howe stated that it is critical for Social Enterprises to be able to access finance in order that they can continue to provide positive impacts within the community.

“As with the private sector, the Social Economy requires the ongoing support of the banks and other investors, in order to ensure sustainability of the sector and underpin the great work that it achieves.”

He continued, “As a key channel for investment into the sector, we at the Ulster Community Investment Trust are experiencing a significant increase in demand for financial products. We would call on the banks to work with us to ensure that there is a steady flow of capital available to support the financing needs of the sector and ensure that Social Enterprises can continue to grow, bringing much needed jobs and services to the most marginalised communities in our society.”

Following the meeting, the Minister said: "There is no doubt that the banking sector has a crucial role to play in helping Northern Ireland's businesses in this difficult economic climate.”