€80m earmarked for the sector
Bank of Ireland Business Banking today (20, November 2008) announced the launch of a new banking package specifically targeted at medical professionals in Ireland. The package is aimed at a wide range of professionals including Doctors, Dentists, Surgeons, Medical Consultants and Vets. In addition, the Bank is launching a dedicated fund of €80m which is specifically earmarked for medical professionals who are either expanding their practice, acquiring a share in a practice, purchasing a practice premises or alternatively refurbishing an existing practice premises.
Earlier this year, the Bank established a dedicated medical professional’s relationship management team in our Business Banking division, reflecting our confidence in the sector which follows our highly successful track record with professionals.
Commenting on the launch, Denis Bergin, Head of Retail Intermediary Banking in Bank of Ireland Business Banking, said “We have had a long tradition of supporting medical professionals in Ireland and are pleased to announce the introduction of a new banking package specifically designed to meet their needs. In a more challenging financial and economic environment we are keen to continue to grow our involvement with the medical sector nationwide. The package is centered on funding for practice acquisition or development and also includes banking products to assist with fitting out the premises and running the day to day business”.
Demand for medical services in Ireland is set to grow as our population expands. The 2006 census showed the population of Ireland at 4.2 million and recent Eurostat studies predict that this figure will rise to 5.4 million by 2020 and 6.2 million by 2040.
Recent figures show:
|Profession||Numbers in Ireland (approx)||Demand and Supply|
|GPs||18,000 doctors Medical Council of Ireland||Ireland has the second lowest ratio of GPs to weekly patient contacts in the EU.
Recent studies indicate that over 40% of Irish GPs are set to retire over the next decade. Irish Medical Organisation
|Dentists||1,700 dentists Irish Dental Association||The average ratio of dentists to population in the European Economic Area is around 1:1,625, while in Ireland this ratio rises to 1:2,470.|
|Vets||2,450 private sector vets Veterinary Ireland||Higher disposable incomes have contributed to a rise in demand for veterinary services for domestic pets.|
The Medical Professionals fund is the second of a series of dedicated sector funds launched by Bank of Ireland Business Banking this year. In 2008, the Bank launched a highly successful fund totalling €150m for the private nursing home sector.
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Bank of Ireland has the most comprehensive Business Start-Up package available to new businesses, featuring a business current account that has a range of banking services free of charge for two years, and a suite of internal and external offers specifically tailored for the new enterprise.
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