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New lending to Ireland's SMEs up 4.8 pct

Xinhua, July 23, 2016 Adjust font size:

The Central Bank of Ireland said on Friday new lending to the country's small and medium enterprises (SMEs) in the first quarter of this year rose by 4.8 percent compared to the same time last year to a total of 2.7 billion euros (2.97 billion U.S. dollars).

In its latest SME Market Report, the Irish central bank said new lending in the construction sector went up by 36 percent in the first quarter of this year, while the agriculture and manufacturing sectors increased by 7.7 percent and 1.8 percent respectively.

However, lending declined in the wholesale and retail sectors, hotel and restaurant sectors as well as the services sector, it said.

The report, released twice yearly, provides information on credit demand, credit access, loan terms and conditions, loan default, interest rates and credit market concentration.

The report said the stock of SME credit continues to decline and has reduced by 5.3 percent since the last report.

It also said the SME lending market remains highly concentrated. The combined market share of the three main banks is 95 percent, according to the report.

The Irish central bank said rejection rates across all SMEs show further declines and are now in line with euro area averages.

The rejection rate fell from 15 percent in September 2015 to 11 percent in March of this year, according to the report. Endit