Bank Of Ireland will not need any further financial aid from the state
November 25, 2009 in Finance, News by Stephen Hewitt
The Bank of Ireland says it that it will not require any further financial aid from the state, according to a five-year business plan it has submitted to authorities in Europe.
The bank’s governor Pat Molley told a Joint Oireachtas Committee hearing on Finance and the Public Service today that the bank was committed to engaging with the National Asset Management Agency in order to support a banking system which could function again, and aid economic recovery.
He also stated that that cash flow for businesses remains a problem and that SMEs continue to face substantial trading difficulties. Expanding on this, he explained that €2.1 billion had been drawn down by small and medium sized businesses (SMEs) in the first nine months of the year.
Answering questions from the committee, Bank of Ireland’s group CEO Richie Boucher said limits for overdrafts for SMEs had increased by 18%. In order to improve their understanding of the sector, he explained that they were also working closely with bodies such as Enterprise Ireland.
