Monday 20 November 2017

Bank of Ireland exceeds SME lending target of €3.5bn

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Getty Images
Peter Flanagan

Peter Flanagan

BANK of Ireland says it will exceed its lending targets to small businesses this year after handing over more than €3.5bn to SMEs.

In a statement, the lender said the figure of more than €3.5bn includes a mixture of overdrafts, restructurings, and new lending.

Both Bank of Ireland and AIB are mandated to lend €3.5bn to SMEs this year. That figure will go up to €4bn in 2013.

The firm’s director of business banking Mark Cunningham said he was “pleased” to have met the threshold.

“We have seen particular increases in demand from customers in the healthcare, manufacturing and hospitality sectors, while agri lending has also remained strong. Increased demand for asset and commercial loan finance has also been a feature.

“Lending to Dublin businesses was up by 27pc compared to last year. With over 40pc of businesses located in the capital this indicates that confidence is slowly returning, as evidenced by the growth we have been seeing in credit demand from viable businesses in the second half of this year ,” he claimed.

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