AIB to double its mortgage lending to €2 billion

AIB to double its mortgage lending to €2 billion

AIB has announced plans to double its mortgage lending target for this year to €2 billion.

The bank, which includes its subsidiary EBS, said it approved €1.5 billion in new mortgages last year – well above its €1 billion target.

That figure was an increase of 63% on 2011, with a total of €1.2 billion drawn down by customers by the year-end.

AIB said it provided 45% of all mortgages in Ireland last year with the average first-time buyer borrowing €160,000.

The news comes on the back of Bank of Ireland’s decision last October to also make €2 billion available for new mortgage lending.

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