Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

I replied on an Adjournment matter in the Seanad last night. There is no reluctance on my part to respond. I have met with Deputies and have been trying to accommodate the House.

The SME credit guarantee scheme, or CGS, was established under the Credit Guarantee Act 2012 to address specific market failures in lending to SMEs and in response to calls from business interests. It is a novel scheme in an Irish context and is continuing to develop a position in the Irish financial arena. My Department, the CGS operator, Capita, and participating lenders have committed significant time and resources to the establishment and operation of the scheme. While demand for the scheme has been lower than anticipated, the figures as at 31 March 2014 show that it has nevertheless supported additional lending of some €11.7 million to 89 enterprises and supported 479 new jobs, while maintaining 255 jobs. This is lending and employment which would not be in place had the scheme not been implemented.

The recently completed review of the scheme has recommended some changes which should lead to increased take-up. We are nearing completion of the review process, having consulted widely with stakeholders on the proposed changes. I will shortly bring a memorandum to Government seeking approval to amend the Credit Guarantee Act. I am confident that the necessary legislative amendments will be made by the Oireachtas in the coming months with a view to the earliest possible implementation of the necessary changes.

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