Gerald Nash (Louth, Labour) | Oireachtas source

I recall Senator White's party colleague, Deputy Dara Calleary, made an identical proposal on Committee and Report Stages in the Dáil. I am not accepting it because this specific area is not appropriate for such legislation. While we foresee a strong role for the Strategic Banking Corporation of Ireland, SBCI, particularly in the operation of counter-guarantees, the Strategic Banking Corporation of Ireland Act 2014 does not empower the corporation to provide for loans direct to small and medium-sized enterprises, SMEs. It does not have the physical capacity or structures to engage in this activity. Any change to this is a matter for the Minister for Finance.

The Department, banks, as well as other finance providers, and the SBCI will actively promote the revised system and ensure businesses are aware of the possibilities available under the new schemes. Tying in what Senator Ó Domhnaill said on Second Stage, the review for the Government touched on the need for better awareness raising and publicity of the benefits of this legislation to be rolled out across the regions to ensure all businesses are aware of the capacity of the new schemes under this legislation. This will be factored into the promotional activities we intend to undertake in this regard. The Department has already spoken to SME representative bodies, including IBEC, the Irish Business and Employers Confederation, ISME, the Irish Small and Medium Enterprises Association, the Small Firms Association and Chambers Ireland, on the need for comprehensive promotion of the revised legislation and ensure their constituent bodies are aware of the schemes. The Department will engage in a comprehensive publicity campaign and will update the public on progress on a quarterly basis through its website. I am sure the figures will be discussed in this and the Lower Houses from time to time.