Michael Creed (Cork North West, Fine Gael) | Oireachtas source

I confess to having been rather frustrated myself at the difficulty in progressing the matter. As the Deputy knows, the European Investment Fund Agreement Bill 2018 has concluded its passage through the Seanad and will come before the House today. It provides for the legislative framework under which the new loan fund will be delivered. A legislative basis is required because of the involvement of the European Investment Fund. It has been a more cumbersome and difficult process than we anticipated and it has taken longer than I would have liked. However, I am satisfied that it addresses a gap in the market for capital investment through unsecured lending over eight to ten years at an interest rate which is not currently available. I acknowledge that it is later than we would have liked, but it will be in the marketplace in early 2019.

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