Mr McGlone who is also Chair of the Enterprise, Trade and Investment Committee said: "I was delighted to have the opportunity to meet with representatives from the Construction Industry at Stormont who have been hard hit in the past number of months. The pressures on the industry have often had a ripple-effect on sub-contractors and suppliers which has been hard for many small businesses and families.
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"I have been pushing for the introduction of Project Bank Accounts which will start for public-sector contracts worth over £1million to the construction industry from this month onwards.
"The purpose of such a project is to prevent the practice of some contractors using sub-contractors as banks which can often lead to them not being paid when the main business comes under pressure.
"It is crucially important that we see a model being brought forward which promotes prompt and efficient payment to subcontractors and suppliers by the main contractor working on public sector contracts.
"Having raised this issue with the Finance Minister Sammy Wilson during questions in the Assembly I am glad to hear that he supports the project.
"The All-Party Group on construction which I chair has been lobbied and persuaded by the strong arguments made by sub-contractors and suppliers who have been often rendered vulnerable when contractors begin to struggle. Once money is paid into a project bank account, subcontractors with a legitimate claim should be paid within five days. That is a welcome reassurance for concerned workers in the construction industry."
(CD)
