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

It is a pity that in a debate like this, during which time is constrained and there is not a long interval between Second Stage and Committee Stage, it is very easy to miss detail in certain sections. There is actually a reference to "additional credit". Section 8(1)(a) states that a function of the SBCI shall be “to provide, and promote the provision of, additional credit in a prudent manner to enterprises or other persons in the State, in particular SMEs”. I do not mention this to criticise the Deputies, because it is difficult to grasp all the details when one is moving rapidly through the legislation.

To return to the legalities of the matter, the wholesaler, which will be the SBCI, will be providing additional credit by definition because it will be a new lender on the market. What we need to do is to ensure that when credit goes to the on-lender, the on-lent credit will be in addition to what has already been lent to SMEs. We can provide for that in the protocols and contractual agreements that will govern the drawing down from the wholesaler to the on-lender.

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