€8.6bn in SME loans in 90-day arrears

Up to €8.6bn in loans — one in every four held by the covered banks to small and medium businesses — are in arrears over 90 days.

The highest default rates are found among construction companies, hotels, restaurants, and SMEs with exposure to the domestic economy, according to the latest Central Bank data.

Companies with the biggest loans tend to be in the most trouble, with a default rate of 48%. Bank of Ireland, AIB and Permanent TSB have roughly 300,000 SME loans between them, with an average balance of €71,101.