DUBLIN (Reuters) - Irish small- and medium-sized enterprises (SMEs) have not sought to drawdown as much from Bank of Ireland's BIRG.I 2 billion euro Brexit lending fund as the bank anticipated, Chief Executive Francesca McDonagh said on Monday.

Ireland’s largest bank by assets earmarked the funding a year ago for lending to firms that need capital to adapt to the challenges of neighbouring Britain’s departure from the European Union.

“Irish SMEs are still cautious about taking on new debt,” McDonagh told a news conference, adding that the take up had been “not as much as I would have expected.”