Frontier Statistics: Non-Bank New Lending to Irish Enterprises

A View of  Non-Bank New Lending on the Central Credit Register – June 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 to Irish enterprises remain volatile and continue to show signs of variability across sectors.
  • Specialist Property Lenders was the largest lending sector in Q2 2025, followed by Asset Finance Providers. On the borrower 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 being their largest lender, while Asset Finance providers was the largest lender to large enterprises.
  • Loans with maturities at origination between 2 and 5 years formed the largest share of new loans to SMEs, while maturities up to 1 year was the largest bucket for new loans to large enterprises. New loans to large enterprises appear to be more concentrated and shorter-term.

This Frontier Statistics release page is updated with new data periodically. This page was last updated on 02 December 2025 with data from Q2 2025. Historical data can be accessed in the data file 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 €386mn in June 2025, down from €407mn in June 2024.
 

Chart 1 shows that funds from non-banks were directed predominantly to borrowers in the Real Estate and Construction sector in Q2 2025, while the Other Borrower Sectors category remained relevant and stable through the quarter. The Real Estate and Construction sector shows higher variability than in the previous quarter, with higher monthly flows in April and June 2025, and a significant drop in May 2025. However, this sector remained predominant and captured 51% of new lending in the quarter. This contrasts with loans to companies in the Wholesale and Retail and in the Administrative Services sectors, which showed more stability and smaller flows in the quarter, in line with monthly flows observed in past months.

 

Chart 2 shows the same series but from the lenders perspective. New lending from non-banks in Q2 2025 tends to be issued by Specialist Property Lenders and Asset Finance Providers, representing 72% of total new loans in the quarter. Property-related sectors had a predominant position in June 2025 but displayed high variability and behaved similarly to its equivalent category on the borrowing side, with a significant drop in May 2025. This reinforces the strong links between borrowing and lending perspectives within property-related sectors. Asset Finance Providers, on the other hand, was more stable in Q2 2025 and displayed small and steady monthly increases in the quarter, standing as the second largest lending sector in the period.

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

Key Indicator – Non-Bank New Lending to Irish Enterprises

Non-bank new lending to Irish enterprises was €910mn in Q2 2025, down from €972mn in Q2 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 Q2 2025. As observed in past quarters, strong links between property-related sectors remain relevant: out of a total of €369mn of new loans extended by Specialist Property Lenders, €352mn, or 95%, were directed to the Real Estate and Construction sector, representing 76% of total new loans to that sector. Sources of new lending appear to show higher diversification than the beneficiaries’ side in Q2 2025: Asset Finance Providers extended new loans worth €289mn in the quarter, while new loans from General Lenders stood at €140mn, in both cases with no main beneficiary. 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 Lenders. Other Borrower Sectors, in contrast, showed diverse sources of funding in Q2 2025, driven by its nature and the fact that it consists of an aggregation of subsectors.

Key Indicator – Non-Bank New Lending to Irish Enterprises

SMEs received new loans from non-banks worth €684mn in Q2 2025, while new loans to larger companies was significantly lower and stood at €226mn on the same period.
 

Chart 4 shows flows between lender sectors and enterprises segregated by their size. Q2 2025 shows a predominance of lending to SMEs, which received new loans worth €684mn, or 75% of total new lending in the quarter, while large enterprises received €226mn. On a sectoral basis, almost 50% of new loans to SMEs were originated by Specialist Property Lenders (€329mn), while General Lenders and Asset Finance Providers contributed with a similar amount (€132mn and €130mn, respectively). On the other hand, sources of funding to large enterprises were concentrated on Asset Finance Providers, contributing €159mn out of a total of €226mn, while Specialist Property Lenders had a minor contribution (€40mn).

 

Chart 5 shows a predominance of new lending to SMEs over large enterprises in June 2025 and through the quarter, which is in line with observed behaviour in previous months. New lending to SMEs stood at €286mn in June 2025, while large enterprises received new loans from non-banks worth €100mn in the period. New loans to large enterprises decreased in April and May 2025 and jumped in June, but this had a limited impact on the overall flows, which were driven by SMEs and the dominance of property-related sectors in this group of borrowers.

 

Other Loans, which includes revolving facilities, was the largest loan type granted by non-banks in Q2 2025, with new loans worth €350mn, or 38% of total new lending in the quarter. Asset Finance loans followed with €252mn, while new Mortgage Loans stood at €198mn. Term Loans in the quarter stood at €110mn.

 

Chart 7 shows non-bank loans by borrower size, broken down by maturity at origination buckets. Q2 2025 shows that new lending to large enterprises was mostly shorter term and more concentrated than new lending to SMEs. 42% of new loans to large enterprises had maturities at origination up to 1 year, while 92% had maturities at origination under 5 years. New lending to SMEs, on the other hand, appears to be more diversified and tends to be longer term, with just 35% of new loans having maturities at origination under 2 years and 75% of new loans with maturities under 5 years. The lower concentration of new loans to SMEs could be potentially explained by the observed diversification at lender level pictured in Chart 4, where different lending sources and purposes could justify different loan characteristics, of which different maturities.

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 data within the charts above, including historical data.

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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