Maureen O'Sullivan (Dublin Central, Independent)
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70. To ask the Minister for Finance if he will report on the activity of the strategic investment fund to date in supporting small and medium-sized enterprises through the provision of sustainable credit; the number of on-lenders through which loans from the fund are being advanced; the number applications for loans received to date by each on-lender, and in each case the number of applications that have worked through to credit being advanced; the target lending figure for 2015; and if he will make a statement on the matter. [27862/15]

Michael Noonan (Limerick City, Fine Gael)
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I assume the Deputy is referring to the Strategic Banking Corporation of Ireland (SBCI).  The SBCI was incorporated in September 2014 and since then, the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and business processes and establishing a team to safely and effectively manage the funding provided on behalf of the State.

As the Deputy may be aware, the SBCI launched its first product programme on the 19th February 2015 and lending commenced on the 9th March 2015 through both Bank of Ireland and Allied Irish Bank Plc.  An initial sum of €400m has been allocated between Bank of Ireland and Allied Irish Banks Plc. for lending to SMEs.  The Government's aim for the SBCI is to enhance the range and profile of SME finance providers in Ireland.  The SBCI will achieve this by working with existing and new providers to develop specific funding products and by supporting new entrants to the SME lending market through allocating the remaining €400m to a number of new and non-traditional SME finance providers.  It is also an objective of the SBCI to encourage competition within the SME funding market through the provision of funding to a broad range of potential lending partners. 

I have been informed by the SBCI that it is preparing to publish an update on lending activities later this month.  This will provide details of the number and volume of loans to SMEs supported by the SBCI between 9 March and 30 June 2015.

Maureen O'Sullivan (Dublin Central, Independent)
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71. To ask the Minister for Finance the consideration that has been given to engaging restructured credit unions as on-lenders under the strategic investment fund; if his Department has been approached by any third parties in this regard; and if he will make a statement on the matter. [27863/15]

Michael Noonan (Limerick City, Fine Gael)
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My Department has clarified with Deputy O'Sullivan's office that this question is in relation to the Strategic Banking Corporation of Ireland (SBCI).

As the Deputy will be aware, the SBCI launched its first programme on 19 February 2015. The Government's aim for the SBCI is to enhance the range and profile of Small and Medium Enterprise (SME) finance providers in Ireland. The SBCI will achieve this by working with existing and new providers to develop specific funding products and by supporting new entrants to the SME lending market.

The involvement of a credit union, including a restructured credit union, in the provision of funding to SMEs would be a matter for the individual credit union. Additionally, this type of service would require approval by the Registrar of Credit Unions at the Central Bank, prior to a credit union providing such a service.

My officials have held discussion with the Irish League of Credit Unions regarding their six point plan for the sector. This plan envisages a role for Credit Unions as a lender to SME's.