Pearse Doherty (Donegal South West, Sinn Fein)
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50. To ask the Minister for Finance if and when the Strategic Banking Corporation of Ireland will receive a banking licence. [23456/14]

Michael Noonan (Limerick City, Fine Gael)
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In order to expedite the flow of credit to SMEs and not delay the establishment of the Strategic Banking Corporation of Ireland (SBCI) the Government intends to establish the SBCI in such a way that it can commence operations without the need for a banking licence. However, it will be set-up initially with flexibility to expand its operations and also to adjust its model and structure. This approach, therefore, does not preclude the SBCI from applying for a banking licence in the future should a definitive need for such a licence emerge as the operations of the company expand.