BoI extends €1bn in credit so far this year

Bank of Ireland extended €1bn in credit facilities over the first three months of this year, a 25% rise on the same period in 2012.

The bank attributed the higher lending activity to increased demand for credit by SMEs. The pillar banks have €3.5bn in lending targets set by the Government. Bank of Ireland made €3.6bn in loans last year and estimates that it accounted for 50% of all bank lending to SMEs over the first quarter of the year.

Bank of Ireland reported strong demand for credit across most sectors, and manufacturing, agriculture, and hospitality, in particular. However, there was a continued fall-off in demand for credit in the construction/real estate sector.