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Irish banks cut funding to SMEs
Dec 15 2011, 15:25 PM
Lending to small and medium sized enterprises (SME) sectors fell by 8% over the year to the end of September, it has been reported in the Irish Times.
Figures, released by the Central Bank, showed that only two core sectors received increased lending in the third quarter. Information and communications was seen to be trustworthy small business investment, and the electricity, gas, steam and air conditioning supply sector was also an SME that was increasingly invested in.
The report also showed that almost 4 billion in private-sector company deposits flowed out of banks in Ireland during the third quarter. The Central Bank said that the majority of this can be contributed to a fall in deposits from non-bank financial intermediaries.
The total amount of loans outstanding to non-financial, non-property SMEs from banks in Ireland declined 296 million in the third quarter to only 26.2 billion at the end of September.
These figures are released after a report by Isme Quarterly Bank Watch Survey found that half of SME businesses were refused credit in the last three months.
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