herald

Saturday 10 December 2016

BoI grants €1.24bn SME loans

LENDING

Bank of Ireland approved €1.24bn in new credit, excluding restructured loans, to small and medium-sized (SME) businesses during the first quarter of the year. That's 24pc more than in the first quarter of 2014.

It said there was a 12pc increase in new credit applications in the first three months of the year, with sectors including agriculture, property and retail showing strong signs of growth.

Mark Cunningham (above), Bank of Ireland's director of business banking, said that the positive growth trajectory the institution saw in the second half of 2014 has continued.

"Increased levels of activity in the agri sector have been primarily driven by land purchase and farm development as farming customers respond to the growth opportunity afforded by the abolition of milk quotas," he said. "Land purchase activity has increased."

The pick-up in activity in the property sector has continued.

Promoted articles

Entertainment News