EU probe to delay SME bank

A key plank of the government's new €500 million SME bank will be held up until competition authorities in Brussels give it the green light.

A key plank of the government's new €500 million SME bank will be held up until competition authorities in Brussels give it the green light, briefing notes from the Department of Finance show.

The documents state that the government must secure state-aid clearance from Brussels for a state-backed product that will offer low-interest loans to businesses whose existing lender is leaving the Irish market.

The briefing notes have been circulated to stakeholders and ...