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Credit reviews overturn 96 loans

Monday, October 08 09:44:25

The office which reviews lending by AIB and Bank of Ireland to small and medium business says it has now overturned 96 cases where banks refused credit. This has secured 813 full time and 46 part time jobs and seen an additional E9.6m lent by the banks. The two pillar banks have a target of lending E3.5 billion each to small and medium firms this year.

The head of the Credit Review Office said it would be a challenge for the banks to reach that point but he believed it may be achieved. John Trethowan's latest report shows a significant amount of the lending is not new, but replacing old loans. Some of these were originally provided by Anglo Irish Bank and Bank of Scotland Ireland - both of which are winding down. Mr Trethowan said he had concerns about the length of time it took banks to process loans.