Bank of Ireland reports business lending and consumer confidence up in 2014

Bank says private sector and consumer demand continue to recover

Belfast [31^st March 2015]: Bank of Ireland today revealed increased levels of business and mortgage lending in Northern Ireland in 2014.

The Bank approved more than £600m in new lending to Northern Ireland businesses in 2014, up 20% on the previous year, and said the growth in consumer lending included a significant rise in new mortgages.

Commenting on improved private sector demand, Ian Sheppard, Regional Director NI, Business and Corporate Banking, said the increased activity in Northern Ireland was welcome and was particularly apparent from the small and medium business, and agriculture sectors of the economy.

He said “The recovery was evident to various degrees in all sectors but was quite marked in agriculture where the number of agri-lending packages we approved was up 31% on 2013. Approvals for lending to medium sized businesses were up 60%.

“The £600m of new lending covers business of all sizes, from major corporate customers to start-ups. In the Small and Medium Enterprise segment of the business market, including agri-related enterprises, we opened nearly 4,000 new accounts.  Overall, we approved 93% of all business lending applications.”

Sean Sheehan, Regional Director NI, Consumer and Small Business, Bank of Ireland UK, said: “Bank of Ireland’s total lending to consumers in Northern Ireland increased strongly in 2014, particularly in the housing market where we helped twice as many completions take place compared to the demand we saw in 2013. New mortgage lending rose by 64%, with a third of that going to first time buyers. In the first months of 2015 we are continuing to see an improvement in consumer confidence.”

He added: “Northern Ireland is an important core franchise for Bank of Ireland Group. We are committed to building our business and helping to realise the ambitions of individuals, businesses and communities across the region.

“The Bank continues to invest in making banking easier for consumers, including through our network of 36 modern branches to which we added a new branch in Derry/Londonderry last year, and through improved access to our services by phone, online, mobile and tablet devices.”

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