Joan Burton (Dublin West, Labour)
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Question 83: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the number of entities here that have applied for the RCM micro-credit pilot facility, managed by the European Investment Fund, under JASMINE; her efforts to encourage the participation of Irish entities in this pilot scheme; and if she will make a statement on the matter. [32403/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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Under EU Cohesion Policy 2007-13, the European Commission has a number of joint initiatives with the European Investment Bank and European Investment Fund aimed at improving access to finance using financing engineering instruments.

One of these instruments is JASMINE (Joint Action to support microfinance institutions in Europe), a pilot initiative by the European Commission, the European Investment Bank and the European Investment Fund.

When Ireland's ERDF Structural Programmes 2007-13 were being developed, the instruments were examined by the Department of Finance, in consultation with representatives of my Department, Enterprise Ireland, the Southern and Eastern Regional Assembly and Border, Midland and Western Regional Assembly in the context of the existing arrangements in place to assist SMEs in accessing appropriate financial support.

Given the nature and structure of the financial instruments, particularly in terms of the scale of operations that would be required to secure EIF participation, it was not considered suited to our Structural Funds Programmes.

Following the change in economic circumstances, the EU Commission launched the European Recovery Plan in November 2008. In this context, the Irish Authorities are considering if participation in the various financial instruments are appropriate having regard to the ERDF Programmes and the potential benefits to Irish Businesses.

Access to finance and credit for SMEs has been a prime focus of Government initiatives. Central to our efforts has been the restoration of a properly functioning banking system to support our wider economy and to facilitate our enterprise sector to deal with the current economic situation and to be prepared to benefit from any upturn in the global economy.

Government action has included the bank guarantee scheme, the Banks' Recapitalisation Scheme, the nationalisation of Anglo Irish Bank and the publication of the National Assets Management Agency Bill. In my reply to Question No. 32401/09 to the Deputy today, I outlined in detail the initiatives currently in place to assist the SME sector in the current economic environment.

The Government will continue to keep under review access to finance and credit for SMEs and will consider what additional initiatives can be taken to improve the situation.