Lending to SMEs up but amount of credit issued falls - Central Bank

Friday 05 September 2014 12.00
Loans to SMEs increased but the amount of credit available was down
Loans to SMEs increased but the amount of credit available was down

New lending to small and medium-sized businesses rose in the first half of the year when compared to the same period of 2013, according to figures from the Central Bank.

Irish credit institutions issued more than €1.1bn in new lending to non-financial, non-property related SMEs during the first six months of 2014, up €200m (22%) on last year.

However there was a 4.6% fall in the amount of credit advanced to such businesses in the year to June, ending the month at €22.6bn.

Meanwhile, property-related lending to SMEs was 8.5% lower in the year to the end of the second quarter, while property-related lending to all enterprises was also down.

The Central Bank said there was €160.1bn in credit outstanding to private sector enterprises at the end of June, which included holdings of debt securities issued by the National Asset Management Agency.