Seán Fleming (Laois-Offaly, Fianna Fail)
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300. To ask the Minister for Jobs, Enterprise and Innovation his plans to review the credit guarantee scheme to assist customers of banks whose bank has left the Irish market; and if he will make a statement on the matter. [4317/15]

Richard Bruton (Dublin North Central, Fine Gael)
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The Deputy will be aware that a review of the SME Credit Guarantee Scheme was undertaken last year and laid before the Oireachtas in July 2014. As a result of the review of the CGS and on foot of immediate concerns raised by the Credit Review Office, Business Representative Organisations and the banks, I have decided to take urgent action to assist SMEs whose banks have left or are leaving the Irish SME lending market.

This will see a new CGS 2015 made in accordance with the terms of the Credit Guarantee Act 2012 which will allow guarantees for refinancing loans where an SME's bank has exited or is exiting the Irish SME market. This new Scheme will also increase the maximum length of guarantees under the CGS from 3 years to 7 years.

To bring this Scheme into operation there are a number of steps to conclude with the participating banks including certification, approval and legal agreements. Work is currently being finalised on the Statutory Instrument to give effect to these changes which requires the consent of the Minister for Finance and Minister for Public Expenditure and Reform, and on the certification, approval and legal agreements with the banks. It is hoped that the new Scheme will be operational in the very near future.