Pat Breen (Clare, Fine Gael) | Oireachtas source

First, it was very good news for our Department that we got this Brexit loan scheme in the budget. We are also looking at the counter guarantee scheme that the Deputy mentioned as well. It is expected that another statutory instrument will be made providing for the Minister to share the risk with SBCI in such a way that the SBCI can in turn access and draw down EU funding for Irish SMEs. With regard to the €300 million fund, 40% of that will be guaranteed by the European Investment Bank, so it will cut down our guarantee. We are guaranteeing 80%. We are providing €14 million of that and the Department of Agriculture, Food and the Marine is providing the other €9 million. The details of that will be worked out. The Tánaiste gave some details on the Brexit loan scheme earlier. I have a limited amount of time now so I will forward that information to the Deputy. It will be useful for him to have it. It is an important incentive for small and medium enterprises that are facing the challenges of Brexit. Having that cushion is important. The fact that the funding will be co-guaranteed by Europe and Ireland is also important. It is a €300 million fund and, as the Tánaiste said, it is first of other schemes we will be considering to ensure that the SME sector will grow. It is a very important part of the Irish economy comprising 97% of enterprises in the country.

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