Deputy Louise O'Reilly:I move amendment No.1:

This amendment is pretty much just a technical amendment designed to increase the timeframe in which a guarantee given pursuant to this agreement will increase from six years from the date of the agreement to seven years. In 2013 the Department commissioned a review of the temporary partial credit guarantee scheme, which was carried out by First Choice Financial Services and AJS Financial Advice Limited. They were appointed by the Department specifically to review this scheme. The review focused on giving the scheme the best possible chance of success. In the recommendations submitted to the steering committee appointed by the then Department of Jobs, Enterprise and Innovation, the review findings stated that the three-year term was seen as too short as most loans are for a minimum of five to seven years. They made a key recommendation to extend the term of the guarantee to seven years. This was to allow for guarantees to be extended and, thereby, loans also. The Bill seeks to extend that term to six years, and I submitted this amendment in part to seek to understand why one of the key recommendations of the report commissioned by the Department was not taken on board.

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