The Irish Small & Medium Enterprises Association says the lenders' claims that 8 out of 10 loan applications from small firms are accepted are not true - and that it's time the Government must 'bring the bankers to heel'.

ISME's latest Bank Watch Survey says that 57 per cent of firms who applied for credit in the past three months have been refused - the worst figure since September of 2011.

ISME Chief Executive Mark Fielding says the banks are 'distorting' the facts.