The Ryan Review

AMID the flurry of positive press releases flowing from banks these days (as they continue to wheel out the reluctant mea culpas regarding trackers), an interesting spin has emerged.

Both AIB and Bank of Ireland have announced a push toward developer lending for new housing.

In the former’s case it is dull-but-worthy social housing that’s getting the nod for €100m funding at favourable terms as it seeks to tick a box on its social contract while Bank of Ireland is pumping a sizable ¤1bn to property developers to pick up shovels and move off hoarded land. If they want it, that is.

This is all lovely, and maybe some houses will get built in the next few years, but sending out ‘good news stories’ about banks lending is a bit like explaining what coal looks like in Newcastle or tea in China.

It’s what they’re supposed to be doing, isn’t it? The lenders are back in the black, with little or no tax to pay for a couple of decades and remaining bits to sell off. Lending is the very least they should be doing to smarten up their bibs.

After all, it’s a lot sexier than redress payments to tracker victims.

But the more than 28,000 people over-charged and messed about for years by the pillar pair must wonder how ‘billuns and billuns’ can suddenly be found to bankroll builders while they are still waiting for the refunds trousered from their accounts.