Frontier Statistics: Non-Bank New Lending to Irish Enterprises

A View of  Non-Bank New Lending on the Central Credit Register – December 2025

Non-bank lending has become an established feature of Ireland’s credit market, with an increasing presence in funding to small and medium enterprises (SMEs). This release provides a closer look at new lending from non-banks, including breakdowns based on lender, borrower and loan characteristics, using data from the Central Credit Register (CCR), enriched with additional sources for a higher completeness of lender and borrower details. It builds on the Staff Insight analysing non-bank lending to Irish non-financial corporations and complements other research on the topic by the Central Bank (see “Related Publications” below).

Key Observations

  • Monthly volumes of new lending from non-banks appear to stabilize in Q4 2025 but continue to show signs of variability across sectors.
  • Specialist Property Lenders was the largest lending sector in Q4 2025, closely followed by General Lenders. On the borrowing side, Real Estate and Construction remained the largest borrowing sector.
  • From a company size perspective, a significant share of funds went to SMEs, with Specialist Property Lenders and General Lenders having almost equal contribution, while Asset Finance providers was the largest lender to large enterprises.
  • Data on maturities at origination of new loans to SMEs keep showing signs of higher diversification, while funding to large enterprises was more concentrated, with shorter maturities (loans with maturities up to 2 years) representing more than 75% of new loans.

This Frontier Statistics release page is updated with new data periodically. This page was last updated on 26 June 2026 with data from Q4 2025. Underlying data can be accessed in the data files at the end of this page.

Time series and sectoral breakdowns of new lending from non-banks

Key Indicator – Non-Bank New Lending to Irish Enterprises

Non-Bank new lending to Irish enterprises was €278mn in December 2025, down from €672mn in December 2024.

 

Chart 1 shows that funds from non-banks were directed predominantly to borrowers in the Real Estate and Construction sector in Q4 2025, while the Other Borrower Sectors category remained relevant. Q4 2025 shows stability in new lending flows compared to the previous quarter, which also applies to monthly flows by borrowing sector. The Other Borrower Sectors category slightly gained relevance in November 2025, while the Wholesale and Retail category did so in December. However, these had no impact on the predominance of the Real Estate and Construction sector, which captured more than 50% of new lending flows in the quarter.

 

Chart 2 shows the new lending series from the lenders perspective. New lending from non-banks in Q4 2025 tends to be issued by Specialist Property Lenders, with General Lenders following closely. As such, Specialist Property Lenders was the largest lending sector in October 2025 with €148 million, falling in the following months in detriment of General Lenders, which provided funds worth €108 million and €97 million in November and December 2025, respectively. Asset Finance Providers remained third through the quarter and the Other Lender Sectors category showed a negative trend in Q4 2025.

Non-bank new lending flows: whom-to-whom breakdowns

Key Indicator – Non-Bank New Lending to Irish Enterprises

Non-Bank new lending was €858mn in Q4 2025, down from €1.3bn in Q4 2024.

 

Chart 3 shows new lending flows from lender to borrower sectors. Property-related sectors stood as the main source and beneficiary of new loans in Q4 2025. As observed in past quarters, strong links between property-related sectors remain relevant: out of a total of €271mn of new loans extended by Specialist Property Lenders, €251mn, or 92%, were directed to the Real Estate and Construction sector, representing half of total new loans to that sector. Sources of new lending appear to show higher diversification than the beneficiaries’ side in Q4 2025: Specialist Property Lenders and General Lenders had an equal split, with new loans worth €271mn and €259mn in the quarter, respectively. Asset Finance Providers, on the other hand, extended new loans worth €208mn in the quarter, in all cases without a really strong beneficiary, except for property-related sectors. The borrowing side, on the other hand, shows a different picture, influenced by their activity type: Wholesale and Retail and Administrative Services were mainly financed by Asset Finance Providers, while most of Real Estate and Construction’s new loans were originated by Specialist Property Lenders8. Other Borrower Sectors, in contrast, showed diverse sources of funding in Q4 2025, but this is driven by its nature and the fact that it consists of an aggregation of remaining subsectors.

Key Indicator – Non-Bank New Lending to Irish Enterprises

SMEs received new loans from non-banks worth €715mn in Q4 2025, while new loans to larger companies was significantly lower and stood at €143mn on the same period.

 

Chart 4 shows flows between lender sectors and enterprises segregated by their size. Q4 2025 shows a predominance of lending to SMEs, which received new loans worth €715mn, or 83% of total new lending in the quarter, while large enterprises received €143mn. Similarly to the overall picture on Chart 3, General Lenders and Specialist Property Lenders remained the main originators of loans to SMEs with an equal split. However, General Lenders stood as the main provider of funds in Q4 2025, generating new loans worth €252mn, while Specialist Property Lenders issued loans worth €245mn in the quarter. Asset Finance Providers followed with a more equal split among enterprise sizes, contributing €127mn in new loans to SMEs and €80mn in new loans to large enterprises, standing as the main lender to large enterprises.

 

Chart 5 shows a predominance of new lending to SMEs over large enterprises in December 2025 and through the quarter, which is in line with observed behaviour in previous months. New lending to SMEs stood at €233mn in December 2025, while large enterprises received new loans from non-banks worth €45mn in the period. New loans during the quarter shows a similar behaviour across enterprise sizes and the size breakdown displays the same signs of stability already identified in the sectoral breakdowns, especially in Chart 1, with no category having a clear impact on the overall developments even though lending to SMEs, because of its relative size, is the candidate to drive those.

 

Other Loans, which includes revolving facilities, was the largest loan type granted by non-banks in Q4 2025, with new loans worth €296mn, or 34% of total new lending in the quarter. Mortgage Loans followed with €213mn, while Term Loans in the quarter stood at €196mn. Asset Finance loans was last at €153mn in the quarter.

 

Chart 7 shows non-bank loans by borrower size, broken down by maturity at origination buckets. Similarly to the previous quarter, Q4 2025 data shows that new lending to large enterprises remains more concentrated than lending to SMEs and at shorter maturities, with 50% of new loans having a maturity at origination up to 1 year and 80% having maturities up to 2 years. SMEs received relatively longer-term loans in Q4 2025, with just 32% of new loans with a maturity at origination up to 2 years, while the 2 to 10 year bucket represented more than 50% of new loans. This could be potentially linked to the picture showed in Chart 4, in which we highlighted the higher diversification in sources of funding to SMEs and the significant share of property-related loans, which tend to be longer term and of higher value.

Background

The CCR New Non-Bank Lending publication (henceforth referred to as “New Lending”) presents data on monthly new loans to Irish enterprises originated by non-banks. The series provides breakdowns by borrower, lender and loan type, including company size and maturity of the loan at origination. This data is published for the first time as a Frontier Statistics release, indicating that the methods and data are subject to revision.  The series will be updated on a quarterly basis and with a two-quarter lag. Read more about Frontier Statistics.

 

CCR New Lending figures are compiled from the Central Credit Register (CCR), a database containing records of loans and loan applications of over €500 borrowed by Irish residents or governed by Irish law.  The CCR is established by the Central Bank of Ireland under the Credit Reporting Act 2013 as amended. As such, lenders are required to submit information on loans to the CCR.

 

This publication provides additional context to the Irish credit landscape alongside the Central Bank of Ireland Official SME and Large Enterprise Bank Credit and Deposits. Notable differences between these publications may be explained in the Coverage and Scope section.

 

Coverage and Scope

The CCR scope and coverage, from which this publication is sourced, is broader than the New Lending series. This publication looks exclusively at non-bank lenders, and in particular, at non-bank lenders that are originating new loans. Loans provided by the Government (including Government-sponsored agencies and Local Authorities) are not included in this series.

 

Information on the types of lenders and loans included in the CCR can be found here, while the full population list is available. An extensive description of the composition of non-banks in the CCR can be found in this Behind the Data report.

 

There are some loan types which are absent from the CCR, including tradeable assets such as loan notes and debt securities, and other loan types including trade credit, intra-group credit and utilities debt. Other loans excluded from the CCR are loans owed between credit institutions. However, loans between other financial corporations such as investment funds are included.

 

The CCR captures data on loans to individuals and companies. However, for the purposes of this publication, only new non-bank loans to companies are considered.

 

The New Lending Frontier Statistics series relates exclusively to domestic credit. Any new non-bank loan included in the CCR and identified as being to non-Irish residents is excluded.

 

Central Bank of Ireland publishes SME and Large Enterprise Bank Credit and Deposits. There are key differences in the coverage of this data compared to the New Lending data published under Frontier Statistics. One such difference is that the SME and Large Enterprise Credit and Deposits data covers resident credit institutions (i.e. banks and credit unions), while this release only focuses on credit from Non-Banks. Additionally, official statistics look at gross new lending, while the New Lending data in Frontier Statistics considers new credit agreements. The New Lending series in Frontier Statistics also provides a different sectoral breakdown of borrowers and lenders.

 

Data Checks and Revisions

As part of the Frontier Statistics series, the New Lending publication will undergo continuous revisions each quarter, and the data and methodology are subject to change. CCR data are subject to change, and therefore analysis will be repeated each quarter to ensure timeliness and accuracy in the published series.

 

Definitions

Central Credit Register (CCR): A database of loans of €500 or more borrowed by a person living in the Irish State at the time of applying for the loan, or borrowed via a loan agreement/application which is governed by Irish law. The CCR was set up in 2013 by the Central Bank of Ireland under the Credit Reporting Act 2013 (as amended). Lenders submit information on existing loans and loan applications to the CCR. See more information here.

 

Credit: Credit includes loans, deferred payments and other financial accommodations, including (but not limited to) personal loans, mortgages and commercial loans. The CCR does not include utility loans and credit provided by one credit institution to another, amongst others.

 

Borrower: Borrowers include individuals, sole traders and companies. The CCR collects information on borrowers who have made a credit application, a credit agreement or are a guarantor. They are a person (i.e. an individual or a sole-trader) or a legal entity. Only companies are in scope of this publication.

 

Lender: The CCR collects data from Credit Information Providers (Lenders). This includes Banks, Non-Banks, Local Authorities, Government and Credit Unions. In the context of this publication, only Non-Bank Lenders are considered.

 

Credit agreement covered by Irish law: The CCR contains loans whose credit agreements are covered by Irish law. Examples of this are large corporates and individuals moving in and out of the state and across the border.

 

Bank: Bank refers to licenced credit institutions, as published on the Registers section of the Central Bank website, here. This means that lending by traditional retail banks, as well as lending by international banks with limited interaction with the general public, is considered within bank lending. It also includes, where identifiable, non-bank lending entities which are owned by banks, and are therefore considered to be part of a banking group. Bank loans are not in scope of this publication.

 

Non-bank: Lenders or holders of loans which are not banks, credit unions, or government-sponsored entities. Many non-bank lenders provide specific loans or cater for specific borrowers, such as property finance and asset finance and leasing. Others provide a combination of the aforementioned loan types. Non-banks that do not originate loans, but are holders, are not in scope of this publication.

 

Asset Finance Provider: Asset Finance firms provide credit in the form of products such as hire-purchase agreements, personal contract plans, leasing contract, or loans with assets as collateral. Asset finance allows businesses to access equipment without capital expenditure, or to release value from assets they already own. These entities can also be referred to as Leasing and Asset Finance Providers. For simplicity, we refer to them as Asset Finance Providers throughout this release.

 

Credit Union: A Credit Union is a financial co-operative formed for the promotion of thrift among its members by the accumulation of their savings; the creation of sources of credit for the mutual benefit of its members at a fair and reasonable rate of interest; and the use and control of members' savings for their mutual benefit. Credit Unions are out of scope for this publication.

 

Government: The Government sector refers to lending undertaken by any entity identified as being state controlled. This includes loans of local authorities, as well as other state bodies and agencies. It is out of scope for this publication.

 

Company Loans: This relates to loans given to companies as opposed to individuals or sole traders. It includes loans to financial borrowers, such as investment funds, as well as non-financial corporates.

 

Administrative Services:  For a detailed definition, please refer to the current version of the NACE Rev 2 Statistical classification of economic activities, in this link.

 

Wholesale and Retail:  For a detailed definition, please refer to the current version of the NACE Rev 2 Statistical classification of economic activities, in this link.

 

Large Enterprise: in the absence of a company size tag, a company is classified as large if that company, or its ultimate parent, meet any of the criteria below:

 

  •          It has more than 250 employees
  •          It has an annual turnover above €50mn
  •          It has a balance sheet above €43mn
  •          Has outstanding loans worth more than €30mn, or has been granted a single loan worth €30mn

 

SME (Small and Medium Enterprises): a company that does not meet any of the criteria below:

  •          It has more than 250 employees
  •          It has an annual turnover above €50mn
  •          It has a balance sheet above €43mn
  •          Has outstanding loans worth more than €30mn, or has been granted a single loan worth €30mn

Data

The files below contain the underlying data for all charts.

New Non-Bank Lending to Irish Enterprises Chart 1 | csv 4 KB New Non-Bank Lending to Irish Enterprises Chart 2 | csv 4 KB New Non-Bank Lending to Irish Enterprises Chart 3 | csv 2 KB New Non-Bank Lending to Irish Enterprises Chart 4 | csv 1 KB New Non-Bank Lending to Irish Enterprises Chart 5 | csv 2 KB New Non-Bank Lending to Irish Enterprises Chart 6 | csv 1 KB New Non-Bank Lending to Irish Enterprises Chart 7 | csv 1 KB

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