SBCI advanced €60m to firm which then bailed out its UK parent
€70m in lending was approved for Bibby Financial Services Ireland, with Public Accounts Committee told that Irish branch paid €30m of that to its UK company
Marc MacSharry: Asked that the Office of the Director of Corporate Enforcement examine the support that was given to Bibby.
Tue, 09 Mar, 2021 - 20:30
Daniel McConnell, Political Editor
The State agency for business lending has advanced €60m to a firm which then used the money to bail out its UK parent company, the Dáil s Public Accounts Committee has heard.
During a session with the Strategic Banking Corporation of Ireland (SBCI), it emerged that €70m in lending was approved for Bibby Financial Services Ireland, a subsidiary of the Bibby shipping group in the UK.
PTSB and Bibby team up to offer new services to SMEs
Updated / Tuesday, 16 Feb 2021
11:10
Bibby Financial Services Ireland and Permanent TSB team up to offer Invoice Finance services to businesses
Bibby Financial Services Ireland and Permanent TSB have teamed up to offer PTSB business customers an enhanced range of funding solutions designed to improve cash flow and fund their growth ambitions.
The new relationship between the bank and the specialist lender is one of the first of its kind in Ireland.
The new strategic partnership will see Bibby Financial Services Ireland offer Invoice Finance services to Permanent TSB customers.
Invoice Finance offers businesses access to cashflow outstanding from their unpaid invoices, helping them to access income they have already earned but not yet received.