The Finance Minister has unveiled plans for €12 billion in new lending to businesses over the next 2 years.
The funding is to be made available by Bank of Ireland and AIB especially from this autumn when Brian Lenihan says the recovery will be well underway.
A report from the credit review office set up by Government also says while there are issues in banks there is no evidence of a policy of refusal of credit to businesses.
Minister Brian Lenihan says a very close eye will be kept on the two main banks to ensure they live up to their obligations.
“The lending plans of Bank of Ireland and Allied Irish Bank wil outline how the will meet a target of €3 billion lending each over each of the next 2 years” he said.
“So it is a €12 billion in additional lending over the 2 year period”.
“These plans have been reviewed by John Trethowan and he considers them credible”.
“The Department and Mr. Trethowan’s office will be having monthly progress reports from the 2 banks” he added.
