Small businesses are key contributors to the Irish economy and are crucial for its growth and employment. At Bank of Ireland we are committed to supporting small and medium sized enterprises as they set up, establish and mature. Throughout the many stages in the life of your business there will be opportunities and challenges which may have financial implications for your business. Our ambition is to work with businesses in partnership, providing advice, being accessible, making it easy to do business with us, and responding promptly to your requests.
We endeavour at all times to be clear and transparent in all our customer engagements and to comply with our obligations under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-sized Enterprises) Regulations 2015 (“the “SME Regulations”).
Background to SME Regulations
New SME Regulations came into effect on 1st July 2016. The SME Regulations set out the standards you should expect from Bank of Ireland, covering key aspects of the relationship between Banks and SMEs from credit applications and communications, to dealing with financial difficulties when problems occur.
The SME Regulations apply to all SME lending by regulated entities within the State. If you would like a copy of the SME Regulations, the document is available to download from the Central Bank website at www.centralbank.ie
SMEs are defined as businesses that employ fewer than 250 people and have an annual turnover not exceeding €50 million and/or an annual balance sheet total not exceeding €43 million.
Our Information Booklet on Lending to Small and Medium Enterprises (“Information Booklet”) aims to provide you with an understanding of the key provisions of the SME Regulations and sets out the framework within which we provide credit facilities to customers and assist businesses which are either in, or facing financial difficulties. A printed copy is available on request through your Relationship Manager or from any of our branches.