Lending by pillar banks rises

The level of lending from the country’s two pillar banks are at their highest levels since 2010 despite the ongoing difficulties of a number of SMEs in obtaining credit.

The latest Credit Review Office (CRO) report indicates that adverse domestic trading conditions bottomed out in 2013 with firms now reporting improved turnover and profitability, albeit on weakened balance sheets.

The report, compiled by credit reviewer John Trethowan, warns, however, that while profit projections are improving forsome firms, it will take years for many to recover their past liquidity or solvency strength.