Tuesday, 2nd December 2008

Hoteliers Welcome Commitment by BAnk Of Scotland (Ireland)
Initiative Should Act as Template for other Financial Institutions

The Irish Hotels Federations (IHF) today welcomed the allocation by Bank of Scotland (Ireland) of €1 billion in credit facilities to customers, including €100 million for the hotels sector. The IHF states that this is an extremely positive move that will assist hoteliers and guesthouse owners trade through the current challenging economic climate and sets a model for other financial intuitions to follow suit.

John Power, Chief Executive, IHF, states, "The move will give a much needed boost to the economy and relieve pressure being experienced on the ground by hotels, which require substantial seasonal banking facilities. Bank of Scotland, previously ICC Bank, has historically been a major provider of credit for the hospitality sector and has for many years been a dynamic banking force meeting the needs of hotels and guesthouses around the country. Its management continue to demonstrate an indepth knowledge of the industry's requirements. We appreciate it continued commitment to Irish businesses and see this as a major step towards increasing the availability of bank credit facilities in Ireland."

            "Bank of Scotland's move should act as a template for other financial institutions to follow and should now form part of a coordinated approach by the Government and banks to ensure an adequate flow of credit to businesses and to safeguard the economy. The Government must show clear leadership to support Ireland's tourist industry, which accounts for 4% of GNP with some 250,000 people depending on its success for their livelihoods."

ENDS

FOR INFORMATION:

Siobhan Molloy / Eoin Quinn            Tel: 01 6760168
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