Toyota to create 25 jobs with new bank
A fourth 'car-owned bank' is officially up and running here - and creating 25 new jobs in the process.
Toyota Financial Services (Ireland) joins BMW, Renault and Volkswagen banks as a financial arm of an automaker.
It is expecting to loan in the region of €70m this year. The other three loaned more than €900m last year, according to figures compiled for the Irish Independent and published on Monday.
TFS(I) is a joint venture between Toyota Financial Services, Toyota Motor Corporation's international finance arm, and Toyota Ireland, the Irish-owned distributor.
They say this is the first time TFS has entered into such an agreement with a national distributor.
Minister of State for Financial Services Michael D'Arcy said at the launch: "The introduction of TFS(I) is a significant vote of confidence in the Irish economy."
He said it was also "a powerful signal to the international financial services industry that the financial services arm of the world's largest motor manufacturer, Toyota Motor Corporation, has entered the Irish market in partnership with Toyota Ireland."
Steve Tormey, chief executive Toyota Ireland, said they expected to write around 4,000 new and used contracts in the coming 12 months. PCP rates start at 2.9pc and average 3.9pc.