Allied Irish Banks and Bankinter S.A. have entered into a correspondence banking agreement that they say will facilitate the financing of property in Spain for Irish residents. The new service is available from this week.

Irish residents will be able to obtain finance, secured on a Spanish property, by making a loan application to Bankinter through AIB Mortgages Direct.

Mr Eugene Sheehy of AIB said many of the bank's customers were looking abroad for opportunities to invest in property. "We are delighted to be able to offer a service that simplifies the buying process," he said.