Gerald Nash (Louth, Labour) | Oireachtas source

This was also raised in the Dáil by Senator White's party colleague, Deputy Dara Calleary. On Committee Stage in the Dáil, I introduced a comprehensive new Part 3 containing provision for the SBCI to work with the Minister through this legislation to continue to enhance the provision of credit to SMEs. It also provides a role for the Minister to be able to give counter-guarantees intended to enable the SBCI to unlock funds from EU sources to share the risks across the banks, the SBCI, the Minister and the potential EU sources. Care was taken not to limit the possibility in the future of other promotional financial institutions also operating in this space without the need for recourse to primary legislation. This allows us flexibility to deal with this fast evolving area.

Funding from EU programmes includes COSME, competitiveness of enterprises and small and medium-sized enterprises, Horizon 2020 funding, as well as the European Fund for Strategic Investment administered by the European Investment Bank and the European Investment Fund, otherwise known as the Juncker plan. These will all be critically important for economic development in Ireland for the foreseeable future.