Irish loans top EU average

The cost of credit facing many businesses was unchanged in the latest quarter, but the rates banks here are charging companies are much higher than elsewhere in the eurozone, according to Central Bank data published yesterday.

Its regular survey of interest rates for businesses and households showed that the average cost of credit banks charged all types of Irish businesses was 3% in the three months to the end of June, unchanged from March, but down from 3.25% at the end of last year.

The cost of credit for large businesses was unchanged at 3%, while interest rates charged for small businesses was also unchanged at 3%, but down from 3.25% at the end of last year.