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Bank Of Ireland Offers EUR250m To Irish SMEs

by Robert Lee, Tax-News.com, London

05 December 2008


Irish Prime Minister, Brian Cowen, has welcomed the Bank of Ireland's announcement of a EUR250m ‘Business Support Fund’ to assist small- and medium-sized Irish businesses hit by the global financial crisis.

The move follows a plea from the Finance Minister, Brian Lenihan, earlier this week. He asked that any financial institutions covered by the government's guarantee scheme should contribute to bringing about a more ‘prosperous’ future for Ireland by injecting surplus liquidity to effectively kick-start the economy. The Prime Minister thanked the bank on Monday for a speedy response to his request.

Cowen said: "the challenging economic conditions have no doubt caused great difficulties for our small to medium businesses. The Minister for Finance had asked the financial institutions to examine initiatives of this nature which would assist these businesses so today's announcement by Bank of Ireland, and their prompt response, is very much welcome. This Business Support Fund will assist these businesses' credit situation and considerably ease the pressure on their cash flow."

“I also understand that other financial institutions are formulating similar initiatives as part of their business plans,” he added.


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