State's investment fund takes €30m stake in Finance Ireland
The State's investment fund has taken a €30m stake in Finance Ireland, one of the country's biggest non-bank lenders.
The Strategic Investment Fund (ISIF) will take a 32pc stake in the Billy Kane led business for €30m.
The move means Finance Ireland will have capacity to lend as much a €1bn in Ireland over the next three years.
Finance Ireland is a non bank lender, active in providing forecourt finance for garages, loans for the SME and agricultural sectors and commercial real estate mortgages.
It was established in 2002 by banking entrepreneur Billy Kane, a former chief executive of Permanent TSB. The group said it is on track to provide in excess of €300m in new lending to Irish customers in 2016.