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Report: Strategic Banking Corp. of Ireland faces accusations of bias

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Report: Strategic Banking Corp. of Ireland faces accusations of bias

The Strategic Banking Corp. of Ireland is facing accusations of bias in selecting on-lenders through which it channels cheap finance for small businesses in violation of European state aid regulations, The Sunday Times reported.

Celtic Invoice Discounting said in a solicitor's letter to SBCI that it was being subjected to stricter acceptance criteria than other on-lenders, according to the report.

Strategic Banking Corp. denied the allegations, saying, "funds are deployed on commercially acceptable terms and have sufficient protection from a deterioration in each lending partner's lending condition" and that such requirements are applied to all bidders, the newspaper added.

It came after the SBCI announced it will pour €25 million of cheap finance through Bibby Financial Services Ireland, which also received €45 million of SBCI funding in 2016, The Sunday Times noted.