Irish companies are failing to realise the growth opportunities provided by exporting because of a fear of bad debts, according to AIB. To address the problem, the bank has launched ExportPack, offering a credit risk management and finance service for exporters.

It says export sales by Irish companies are now in the region of £40 billion (€51 million) per annum, yet some 20 per cent of Irish firms turned down export business because of fear of non-payment. Last year, exporters incurred losses of £6 million to £7 million through failure to collect payment from overseas customers. ExportPack should assist exporters to reduce this risk, AIB says. Available from AIB Commercial Services, it includes credit protection under a number of options against payment default by customers. Up to 100 per cent credit protection is available against debtor insolvency, depending on the option chosen.