Oireachtas Joint and Select Committees

Tuesday, 9 March 2021

Public Accounts Committee

Strategic Banking Corporation of Ireland: Financial Statements 2019

9:30 am

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

Can I ask that before the end of the meeting Ms Sweeney clarifies whether there was a requirement for a single purpose vehicle, SPV, in respect of Bibby?

The other questions I have are for Mr. Black. On the Brexit loan scheme, the take-up seems to be very low. Some €58 million in loans has been approved. I know that the interest rates are up to 4.5%, which is quite high. It is the same with the Covid-19 working capital loan and credit guarantee schemes, and the loans. In the case of the Covid schemes, a facility of up to €2 billion is available but, as I understand it, only €264 million has been approved. Again, the interest rates are quite high. When the schemes were put together, many SMEs and companies, particularly those in economic difficulty, said that the last thing they needed was more finance. Is the interest rate a problem? Also, what interest rate is the SBCI paying for that money?

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