Joe McHugh (Donegal North East, Fine Gael)
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Question 159: To ask the Minister for Finance when banks will release the €100 million sanctioned towards business start-ups and small and medium enterprises; and if he will make a statement on the matter. [18895/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As part of the banks recapitalisation scheme Allied Irish Bank and Bank of Ireland have committed to a range of measures to maintain a flow of credit to small businesses. These include a €100m environmental and clean energy innovation fund which is being established by each bank. One of the banks has already made some loans from its environmental and clean energy innovation fund. The other is about to launch its fund and I expect that it will make loans from its fund shortly.

This should not be confused with a separate €100 million which was made available in the Budget for the establishment of an Enterprise Stabilisation Fund (Enterprise Development Fund). This Fund is administered by Enterprise Ireland to help internationally trading companies survive the current global downturn. Any questions on this should be addressed to my colleague the Tánaiste and Minister for Enterprise, Trade and Employment.

The banks have also agreed to each provide €15m to a new seed capital fund with Enterprise Ireland. The banks funding will be matched as appropriate by funding under Enterprise Ireland's Seed and Venture Capital Programme and/or by funding from other national or international investors. It is expected that much of these funds will be utilised by SMEs. Again any questions on this should be addressed to my colleague the Tánaiste and Minister for Enterprise, Trade and Employment.