Gerald Nash (Louth, Labour)
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The SBCI is a new part of the landscape and something we all welcome from the point of view of competition. The SBCI is working extremely hard to promote the opportunities available to those who cannot access particular types of finance through the pillar banks or are in a particular set of circumstances We are anxious to ensure that SBCI products are available and are front and centre in terms of the offering of the pillar banks, in their roles, essentially, of on lenders for the SBCI. It would be useful to reflect on the performance of the SBCI in its infancy. It has only been in operation for a few short months in terms of the first products it is providing. In recent weeks, agreements have been signed with two new on lenders - Finance Ireland and Merrion Fleet Management. We are hopeful that SBCI will continue to expand its operation and work with other finance providers over the next period of time. Up to 30 September 2015, €110 million in SME loans were approved and drawn down by 3,200 SMEs and more than 90% of those were for investment purposes. It would be useful for the committee to know that close to one third of the loans drawn down were in the agricultural sector and the average loan size is €35,000. There is also a strong regional focus; the bulk of the loans drawn down under the aegis of the SBCI were outside of Dublin. That is something we all welcome.