Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

Under the heading of microfinance schemes or venture capital funds, there is a more efficient way of using that money to get greater returns, which is through peer-to-peer financing or credit funding, about which the Minister knows a lot. We talk about new financing models for SMEs, but this financing model does not involve banks or the Government.

It will provide greater returns for the lender and borrower. It is an efficient way of getting funding for SMEs. There is a role for Government supports from somewhere.

There is a huge market in the UK for peer-to-peer financing. The UK Government has done a little to help this market through changes in the taxation laws and by way of funding. For example, where certain borrowing arrangements are met through peer-to-peer financing and the Government provides a top-up, on which it gets a return. Will the Minister consider the introduction of similar measures to assist the peer-to-peer financing model in Ireland?

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