Written answers

Thursday, 2 October 2014

Department of Finance

Strategic Banking Corporation of Ireland Establishment

Photo of Terence FlanaganTerence Flanagan (Dublin North East, Independent)
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66. To ask the Minister for Finance the position regarding the setting up and operation of the Strategic Banking Corporation of Ireland; and if he will make a statement on the matter. [37512/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Strategic Banking Corporation of Ireland (SBCI) has been established by the Government as a means of ensuring that SMEs in Ireland are provided with sufficient finance for growth. As the Deputy will be aware, the legislation enabling the establishment of the SBCI was passed by the Oireachtas prior to the Summer recess and the SBCI was incorporated as a company in September. The company is already operational with the immediate priorities being the finalisation of the funding arrangements for the company and establishing mechanisms to enable credit to flow quickly to the small business sector.  This work is well advanced. Loan agreements with the international funders, KfW and the European Investment Bank, will be signed in the coming weeks. Following that, the SBCI will agree lending terms with traditional bank lenders and new credit providers from beyond the traditional bank sector allowing for the distribution of SBCI funding to the SME sector in Ireland on a prudent basis.  I anticipate that the first SBCI funded loans to SMEs should be available for disbursement before the end of this year.

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