Willie O'Dea (Limerick City, Fianna Fail)
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To ask the Minister for Finance the amount of new lending, excluding rescheduling of loans and overdrafts, advanced by banks to small and medium enterprises since he instructed €3.5 billion per annum to be advanced to them by each of the two pillar banks; and if he will make a statement on the matter. [34245/12]

Michael Noonan (Limerick City, Fine Gael)
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The Government has imposed SME lending targets on the two domestic pillar banks for the three calendar years, 2011 to 2013. Both banks were required to sanction lending, including lending for working capital purposes, of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011 targets. In terms of the pillar banks’ progress in achieving the 2012 targets, the precise information reported to my Department and the Credit Review Office (CRO) is commercially sensitive. As such there is limited specific detail that can be divulged on the tracking of the banks’ performances. However the Deputy may wish to note that the independent Credit Review Office does, as part of its remit, monitor the banks’ progress in relation to the targets and reports on a quarterly basis in this regard. Mr Trethowan’s next report is due to be published shortly.

Data provided by the Central Bank indicates that the drawdown of new lending by non-financial SMEs from credit institutions in Ireland was €1.2 billion in the first 6 months of 2012. Figures for the equivalent period in 2011 show drawdowns of €1.6 billion. Excluding SMEs in the property related sectors these figures show drawdowns of new lending of €866m in the first 6 months of 2012. Figures for the equivalent period in 2011 show drawdowns of €1.1 billion.

For the Deputy’s information, the relevant statistics for credit made available to small business are accessible at: