ISME doubtful over €12bn credit target to small firms

SMALL firms’ lobby group ISME has said it doubts the country’s two main banks – AIB and Bank of Ireland – will accurately fulfil their requirement of making a combined €12bn in new credit available to the SME sector over the next two years.

ISME chief executive Mark Fielding expressed the sentiment while addressing a Dáil committee looking into the cost of regulation adherence to small firms.

Last month, Finance Minister Brian Lenihan stated that AIB and Bank of Ireland will each have to provide no less than €3bn in new lending reserves for SMEs this year and next.