Written answers

Tuesday, 29 September 2015

Department of Finance

Strategic Banking Corporation of Ireland

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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253. To ask the Minister for Finance his views on the performance of the Strategic Banking Corporation of Ireland to date; and if he will make a statement on the matter. [33162/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Strategic Banking Corporation of Ireland (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.

The SBCI launched its first products in early 2015 and loans were made available from mid-March this year, channelling money from KfW, the European Investment Bank, and the Ireland Strategic Investment Fund to the first on-lenders of the loan products, AIB and Bank of Ireland.

To the end of June 2015 in excess of €44 million euro had been lent to over 1600 SMEs across Ireland. The vast majority of loans were to regionally based SMEs and more than 90% of loans were for investment purposes. The loans were for a variety of purposes and across a range of sectors in the economy.  Almost a third of loans drawn were in the agricultural sector and the average loan size is €27,500.

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