Bibby Ireland reports jump in export invoice finance
Export turnover for Bibby Financial Services Ireland up 28.12 percent.
Legislation designed to free up credit for SMEs, has been published by the Irish Minister for Jobs, Enterprise and Innovation, Richard Bruton.
The Governor of the Central Bank of Ireland has said that the lack of available bank credit is likely to become a serious drag on the country's recovery.
Allied Irish Banks and Bank of Ireland will have to lend 15 billion euros between them to small business over the next two years under new targets set out by the Department of Finance.
The Irish Dairy Board (IDB) has completed the re-financing of its existing 250 million euro syndicated banking facility, which includes a 190 million euro reverse invoice discounting facility.
The Irish Finance Minister, Michael Noonan, has published an independent report on the demand for credit by SMEs.
In welcoming the European Central Bank's (ECB) decision to reduce interest rates by a further 0.25 per cent, the Irish Small and Medium Enterprises Association (ISME) has demanded that the government take the strongest action possible, including sanctions, on banks that refuse to pass on the reduction to their small business customers and consumers.
Banks will be required to provide details of fees and charges that apply to SMEs that run into financial difficulties, under a revised code of conduct published by the Central Bank, the Irish Times reports.
UK finance specialists, Close Brothers, have extended their operations in Ireland and are targeting SMEs with tailor-made asset and invoice finance packages, Business Leadership reports.