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

The only reluctance is to protect the assets of depositors in any banking system. We must be prudential. If we are to learn anything from the experience of the past eight years, it is that you do not take risks with other people's money. That is why the Central Bank is so rigorous in its regulator regime. I outlined six different initiatives that have been put in place over the past five years or so. The strongest one is probably the Strategic Banking Corporation of Ireland, which is specifically designed for SMEs. Some of the money provided there is coming from the German bank KfW, which has a lot of experience in funding SMEs. To the end of June 2016, the initiative lent €347 million and has provided funds to 8,619 SMEs, 5% of which are based outside Dublin so it is not true to say it is not reaching into the regions. At the other side of the scale, the microenterprise loan fund is administered by Microfinance Ireland and provides support in the form of loans of up to €25,000 and is available to start ups and newly established or growing micro-enterprises employing less than ten people. The point I am making is that I would encourage the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs to continue with the good work it is doing. I will pass on the Deputy's suggestion that in order to speed up the initiative, a pilot scheme might be a reasonably good idea in some region of the country and we will see how it goes. However, it must be for a new niche and there has to be a new service being provided. There is no point in replicating what I have spoken about already.

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