Bank of Ireland Good momentum in SME lending in FY15 Bank of Ireland indicated that it has approved €5.3bn of new credit to Irish SMEs in 2015, up 18% yoy. BOI indicated that the figure excludes any restructuring of old debt, highlighting its figures imply a c.50% market share based upon its analysis of Central Bank data. The number of applications was up 8% yoy, implying a c.10% rise in the average application. BOI indicates that the motoring, retail and agricultural sectors figured strongly in the new business lending approvals. The bank anticipates these trends continue into 2016. Irish SME lending accounts for c.12% of lending at BOI, though it is helpful nonetheless to see some upward momentum in new business. The loan book momentum is likely to be a key focal point in the upcoming FY15 results (February 22nd), where we anticipate a loan book of c.€85bn, up from €84bn in Q3 (though will likely have unwound somewhat year to date given the reversal in sterling).
.. down 29 pts.. should become positive.. we are about 2 weeks away from financials.. i agree with the doubt for a dividend.. there are 2 situations here... elections... and a reverse stock split.. it would make no sense to have a dividend with so much stock out there.. over 32 billion shares... BOI has to make corrections with the capital structure.. they got rid of the preferred shares which was important.. now they have to work on these minor details... look for a dividend next year 2017... in the meantime.. do as Radar.. hold long term.. go play golf.. not worry..
and Mr Mc presents some valuable points for our consideration which only reinforce my sentiments - we have 80MPH winds promised tonight - living about 150 yards from the seafront I just hope that I am still in my bed when I wake up in the morning.
As I forecast some time ago, the markets would be subdued for the next while, waiting for someone to turn on the light at the end of the tunnel. The promised living wage, oil prices falling, has to put some life into all economies, provided that the employers can afford to pay what some would say are proper wages.
Unfortunately most of our financials believe that the way to larger profits is to slash and burn, which can be justified sometimes in response to world events, but every time that they respond in this way to competition that very often they have created, they are deliberately making the poor old horse (the economy) lame by shrinking the very thing that we all depend on.
Financial services and particularly factored finance to business, is very rarely beneficial for long term employment and creating lasting and worthwhile employment in the economy.
So far as the tie up between BOI and The Post Office is concerned, I would wait a while before I got excited about the arrangement. Our Post Office, since the sell off, has been reduced locally to the level of your average country store.
It is not all gloom however - spring is coming - when the jet stream shifts finally we will ALL feel better because the monsoon that we have enjoyed for the last weeks will be over.
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