Athy Chamber

Continued Improvement in Lending Good News for SMEs

Foreign-Owned Banks Must Take Part in Credit Review Process

Chambers Ireland has today (11/02/11) said the continued improvement in lending from AIB and Bank of Ireland to viable businesses as noted in the Report of the Credit Review Office is more positive news for SMEs.

Seán Murphy, Chambers Ireland Deputy Chief Executive said, “This Report once again shows that AIB and Bank of Ireland, which represent approximately two-thirds of the market, are lending to viable businesses. Nevertheless, it is impossible to have a true picture of what is going on until all banks, including foreign-owned banks based in Ireland commit to taking part in this process.”

“Chambers Ireland continues to work with the Credit Review Office to get the message out to SMEs that lending opportunities do exist for viable businesses. In this time of economic uncertainty, it would be most helpful if other voices accepted the findings of continuous reports. The reality is that there are relatively low levels of applications due to reduced demand in the economy as businesses and households deleverage and save,” Murphy concluded.