Bank of Ireland: Credit approval rate at more than 80%

Bank of Ireland: Credit approval rate at more than 80%

Bank of Ireland said today that it had approval and decline levels broadly consistent with those in the Mazars study.

The report - which was commissioned by the Department of Finance and examined 1,500 SMEs in the same period - established banks were meeting the demand from small businesses.

A Central Bank report today however claimed that more than one in four small and medium sized businesses (SMEs) have been turned down for a loan or overdraft in the six months to March - double the eurozone average.

Less than 500 firms were surveyed for the Central Bank study, which also found Ireland had the second highest number of firms afraid or discouraged from borrowing, while changes in terms and conditions linked with new bank credit were among the least favourable in the euro area.

In the six months to the end of July, Bank of Ireland said that it had approximately 33,000 applications for credit and approved almost 27,000 – more than 80%.

Mark Cunningham, director of Bank of Ireland business banking, said: “It is a concern for us that a significant number of SMEs still believe that banks are not lending.

“Research from the Mazars study suggests that these SMEs are forming their views from the information they receive from a wide variety of sources rather than their own personal experiences.”

More on this topic

Bank of Ireland warns customers of text message scam Bank of Ireland warns customers of text message scam

Update: Bank of Ireland gets ATMs and online services back againUpdate: Bank of Ireland gets ATMs and online services back again

BOI apologies for ATM glitch that debited customer's accounts twiceBOI apologies for ATM glitch that debited customer's accounts twice

BoI offers ‘green mortgage’ discountBoI offers ‘green mortgage’ discount

More in this Section

Dairygold suppliers deliver a record 1.4 billion litres of milk in 2019Dairygold suppliers deliver a record 1.4 billion litres of milk in 2019

New car registrations drop 63% in March amid Covid-19 crisisNew car registrations drop 63% in March amid Covid-19 crisis

BP cuts spending to strengthen finances amid ‘brutal’ conditionsBP cuts spending to strengthen finances amid ‘brutal’ conditions

April frost kills off early market buds as FTSE falls againApril frost kills off early market buds as FTSE falls again


Lifestyle

Another great aspect of being able to roam around Phoenix Park is the abundance of wild garlic, which flourishes throughout the great expanse.The Currabinny Cooks: going wild with garlic

Dyed purple hair, fake tattoos ... Ophelia Lovibond certainly went against type for her latest role.Succes from Failure: Ophelia Lovibond certainly goes against type for latest role

Keeping plants like lupins and delphiniums happy now will pay off this summer, says Peter DowdallPeter Dowdall: Embark on a perennial quest

Three figures with roles in the Cork band’s trajectory tell Ellie O’Byrne about the legend-in-the-making that was sadly never to be.B-Side the Leeside: Nun Attax and the Knocknaheeny Shuffle

More From The Irish Examiner