Irish Life & Permanent says new lending down 80%; Dependence on ECB borrowings falls to €7bn
Nov 17th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Life & Permanent plc (IL&P) today issued a trading update and said lending demand in permanent tsb’s core lending sectors - - home mortgages and consumer finance - - continues to be weak and new advances for the full year will be approximately 80% lower than in 2008. The group said dependence on ECB (European Central Bank) borrowings "has been significantly reduced and currently amounts to €7bn, down from €12bn at the end of June 2009."