Dáil debates

Tuesday, 10 July 2012

Microenterprise Loan Fund Bill 2012: Report Stage

 

9:00 pm

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)

The vehicle we chose to establish is one that seeks to lean on the established experience of Social Finance Foundation. It was designed to be in operation in conjunction with the scheme as quickly as possible using the established experienced network. Social Finance Foundation has constituted an established network and had been channelling money to First Step Microfinance. It has experience in this space. The new body is being established as a subsidiary, which minimises costs and maximises the assembled experience.

The appointment is to be by Social Finance Foundation, which sets up the subsidiary. De facto, it is controlled by the Minister for Jobs, Enterprise and Innovation, subject to the agreement of the Minister for Public Expenditure and Reform. It is intended the members of the board will have relevant experience in micro-finance, thus making the facility a success. It would be fully accountable in the way I described. We cannot accept the amendment but, because of the way in which the facility is being established, we are meeting all the Deputy's concerns.

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