Seán Kyne (Galway West, Fine Gael)
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148. To ask the Minister for Finance if, in the context of the strategic banking corporation Ireland and alongside the work on the legislation, work is progressing on the structures of the bank, including personnel, internal procedures, processes, operations and other activities associated with an undertaking of this type; and if he will make a statement on the matter. [28504/14]

Michael Noonan (Limerick City, Fine Gael)
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A project team has been established which includes staff of the Department of Finance and the NTMA to expedite the delivery of the Strategic Banking Corporation of Ireland (SBCI). This project team considers all aspects of the establishment of the SBCI including the issues raised by the Deputy. For example the team is working on the legislation, establishment of the SBCI structure, staffing, processes, procedures and controls as well as developing relationships with the funders and potential on-lending financial institutions. This work is being progressed in order to deliver a timely solution to the SME market.

The Taoiseach and I have expressed our expectation that the SBCI will be facilitating lending to SMEs by the end of the year.