AIB has set up a specific #50 million (£39.3 million) fund from which loans will be advanced to providers of childcare facilities. The new fund was announced at the publication of a business guide to the childcare sector by AIB and the Irish Business and Employers' Confederation (IBEC) yesterday. Introducing the guide, the Tanaiste, Ms Harney, described it as a valuable reference point for start-up businesses and employers.

AIB business banking manager Mr Larry O'Connor said the fund, set up in response to increasing demand for childcare facilities, would be available to new or existing childcare service providers to develop their businesses. Loans "at competitive rates" from the fund would be available for capital investment in the childcare sector including restructuring, renovation and refurbishment of existing facilities.

IBEC social policy director Ms Jackie Harrison said AIB and IBEC collaborated on the guide to encourage more people to set up childcare facilities, to help existing operations expand or improve their services and to help employers trying to provide childcare support for their employees.