AIB increases lending to €6.8bn in eight months

AIB's lending in the State increased to €6.8 billion in the first eight months of this year as the economy continues to recover, its director of personal, business and corporate banking, Bernard Byrne, said last night.

Mr Byrne said this included €1.6 billion to corporate customers and €3.7 billion to small and medium-sized enterprises. The SME figure represents a 52 per cent increase on its level of lending in the same period last year. “We’ve done this by focusing on key sectors of the economy, with distinct committed funds for different sectors from export to energy to farming and property,” he said.

Significantly restructured

At the Dublin Chamber of Commerce’s annual dinner, Mr Byrne said that, having been significantly restructured since the collapse of the banking sector in 2008,

AIB

now “understands very clearly” that its role in society is to be “useful for our customers”. “This does not always mean saying yes but it does mean always trying to work with our customers to get to the right answer for them,” he said.

Alex Ferguson, who spoke on the subject of winning, said the principles he brought to Manchester United were “foundation preparation, motivation and adaption to change”.

“I believe to succeeded in management you need energy, inspiration, personality, decision making and the ability to adapt to change, ” he said.

“Winning is not a science but winners must prepare thoroughly, communicate effectively and adapt. That will give your team the best chance to win.”

Tax incentive

Taoiseach Enda Kenny said: “I believe the 52 per cent tax rate introduced by the previous Government is anti-employment and anti-enterprise.

“It undermines the incentive to work, to do over-time, to start a business. It makes it harder to attract home the 350,000 people who have left our shores because of the recession. Next week’s budget will be the first step of a multi-annual plan to reduce the 52 per cent rate on low and middle incomes.

“It will improve the competitiveness of our tax regime in a way that strengthens the economic recovery.”

Dublin Chamber president Martin Murphy said there is no room for complacency despite Ireland’s economic growth.

“Remember, we borrowed €6 billion to pay the bills this year, the euro zone is in slowdown and our biggest trading partner, the UK, is questioning its commitment to Europe.”