LENDING in the International Financial Services Centre (IFSC) is set to overtake lending in the entire domestic economy within the next few months, according to Mr Gay Mitchell, the Minister of State with responsibility for the IFSC.

Speaking to the Financial Services Industry Association (FSIA), Mr Mitchell said international lending by banks in the centre now exceeds £25 billion.

In the last 18 months lending by the 45 IFSC banks has almost doubled, from £14.34 billion in December 1994 to £25.2 billion by April 1996.

He added that IFSC employment has recently topped 3,000 with commitments to increase that to 5,000 in the near future. "There is a target to create 7,500 jobs by the turn of the century, but I believe this can now be surpassed."