Talk the talk

Ann Horan, managing director of Bank of Ireland Finance, the bank’s commercial and asset financing arm, talks to David Clerkin.

What has changed to make commercial finance products more attractive in recent years?

The main commercial finance product is Invoice Finance, which provides working capital finance to small and medium sized business customers by converting trade debtors into cash. The core product hasn’t really changed since Bank of Ireland first introduced it here in the mid 1980s. What has changed are perceptions about the product and improvements brought about through technology.

Why is Invoice Financing becoming more popular?

Its popularity mainly stems from the advantages it has over other funding options. It is frequently available when other finance is not and is commonly available at levels far in excess of other forms of finance. It can be used as funding in expansion, turnaround situations, and management buy-outs.

Can you describe the main types of finance BIF provides? Why should business customers consider them?

The main types of finance include Leasing, Hire Purchase, Invoice Finance and Supplier Payment Finance.

The key benefit of our products is that they provide working capital finance that is linked to the value of your current assets and short term cash requirements of the business.

What’s your view on the relatively low participation of women at executive level in Irish corporates? How long before we see a female CEO in charge of an Irish plc?

I would like to see more women at senior levels in corporate Ireland. The situation is changing slowly and I believe that Ireland is no better or worse in this regard than other countries, including Britain and even the US, from what I see when I travel.

A female chief executive in charge of an Irish plc? It could happen at any time!

How important is your role as chair of the Factors and Discounters Association?

The association is the industry body for British and Irish-based factoring and invoice finance companies. I am keen to promote Invoice Finance in Ireland and believe my appointment is important in helping to achieve that goal.

It allows me to promote the profile of the industry in Ireland and to convince more Irish companies about the merits of Invoice Finance.