Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

Supply and demand for credit have improved significantly since the height of the economic crisis. While the cost of credit is falling, it continues to be relatively high and it is vital that is reduced to align our rates with those in competitor countries. The divergence between interest rates for enterprise in Ireland and the rest of the euro area is particularly noticeable for loans of up to €250,000. The interest rate on new business loans was double the euro area average throughout 2017. On 28 March, I opened a Brexit loans scheme for applications to allow for the roll-out of €300 million in funding to eligible Irish businesses. Such businesses can apply to the scheme through the participating finance providers. The scheme, which will be delivered by the Strategic Banking Corporation of Ireland, SBCI, through commercial lenders, will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less. My Department is working with the SBCI and the European Investment Bank to provide a longer-term facility to assist businesses to deal with the threats posed by Brexit.

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