Dara Calleary (Mayo, Fianna Fail)
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301. To ask the Minister for Finance the progress made by the Strategic Banking Corporation of Ireland in securing funding; the amount of funding that has come from KfW; and if he will make a statement on the matter. [41431/14]

Michael 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. Loan agreements with the international funders, KfW and the European Investment Bank, to the value of €550m have been signed to fund the SBCI during its initial period of operations. 

The SBCI is funded to the value of €800m of which €150m is from KfW, €400m from the European Investment Bank and €250 from the National Pension Reserve Fund. After the initial period of operations, the SBCI in conjunction with its funders, will review its funding requirements for its further development.

Currently, the SBCI is working with its first lending partners to provide initial funding to the SME sector by the end of 2014.  A full roll-out will occur during January 2015 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.

Dara Calleary (Mayo, Fianna Fail)
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302. To ask the Minister for Finance when the Strategic Banking Corporation of Ireland will commence providing funding for lending; and if he will make a statement on the matter. [41432/14]

Michael 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.  Loan agreements with the international funders, KfW and the European Investment Bank, have been signed.

The SBCI is working with its first lending partners to provide initial funding to the SME sector by the end of 2014.  A full roll-out will occur during January 2015 with traditional bank lenders and importantly new credit providers from beyond the traditional bank sector being involved. All of this will allow for the distribution of SBCI funding to the SME sector in Ireland on a prudent basis.