Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his reply. Any potential new source of funding for SMEs is to be welcomed. I am seeking new information on the shape of the arrangement. The Minister referred to KfW in Germany extending finance to SMEs through commercial banks. As such, one would assume that a similar arrangement would apply in Ireland. This would necessitate the involvement of the Irish banks. I assume that it is not the intention that KfW would lend directly to Irish SMEs. If the Minister clarified this point, it would be helpful. He might also clarify whether KfW will require a banking licence in Ireland. Presumably it will not if it is lending through Irish banks. Have targets been set for the quantum of funding that might be available for the Irish economy from KfW? The fundamental question is when does the Minister hope that this arrangement will be up and running and available to SMEs in practice.

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