Strong Demand from Carlow Businesses for Bank of Ireland Asset Finance Products

Bank of Ireland Finance announced today (13 September 2004) that it has experienced strong demand for its asset finance products from Carlow businesses in the construction sector.

Asset finance products enable businesses to acquire new/upgraded equipment, machinery and vehicles while preserving working capital. This is done primarily by way of leasing and hire purchase and is used in a number of industries including construction, agriculture and fisheries, catering, industrial/manufacturing, financial, motor and transport and by local authorities and the self-employed.

Since 2003, there has been a 56% increase in demand in volume terms for asset finance products from the construction sector in Carlow. This is consistent with overall trends and demand in the construction sector which has experienced 11 consecutive years of continuous growth including 7% growth last year.

Commenting today Declan Galvin, Head of Sales at Bank of Ireland Finance said,"There has been a remarkable demand for Bank of Ireland asset finance products in Carlow over the last 12 months as business managers have come to recognise the benefits that these products offer growing and established companies. Essentially, they are loan-alternatives, which free up cashflow and working capital for businesses, across sectors of diverse scale."

Ends

13 September 2004

For further information:

Mary Warner
Marketing Manager
Bank of Ireland Finance
Tel: 6043720

Mary Brennan
Group Corporate Communications
Bank of Ireland Head Office
Tel: 6043838