BoI surpasses €3.5bn lending target for SMEs

Bank of Ireland says it has lent in excess of its €3.5bn lending target to the small and medium enterprise sector.

The figures are for new and increased credit facilities provided to businesses and farmers throughout the country, and do not include a number of restructured loans.

Director of business banking at BoI, Mark Cunningham, said the €3.5bn represents a 16% increase in approvals for the year to date when compared with 2011, which is as a result of increased demand from several sectors in the Irish economy.