Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The SBCI will impose a number of requirements on lenders to ensure they use SBCI funding for SME financing, which will fulfil the purposes of this Bill. However, the SBCI must balance these requirements with the on-lender's reporting burden to ensure that it is economical for that on-lender to lend SBCI products. The SBCI operating model will be to provide funding to on-lenders, which is linked to the provision of credit products designed to meet the needs of SMEs. Extensive reporting requirements will ensure that the SBCI can monitor the use to which all funding has been put by the on-lender. Loan contracts with on-lenders are likely to include provisions which ensure that any funds which are unused by the on-lender are returned to the SBCI. While the amendment is well intentioned, it is unnecessary. Consequently, I cannot accept it.

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