Written answers
Thursday, 9 June 2016
Department of Jobs, Enterprise and Innovation
Credit Guarantee Scheme Data
Niall Collins (Limerick County, Fianna Fail)
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233. To ask the Minister for Jobs, Enterprise and Innovation the total value of drawdowns issued under the credit guarantee scheme on 31 December 2014 and 31 December 2015; the total value of approvals on same dates; to provide a county breakdown of each drawdown and approval; the reasons for the delay in the legislation to review the scheme; and if she will make a statement on the matter. [15283/16]
Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The breakdown of loan approvals by participating lenders and accepted by borrowers under the Credit Guarantee Scheme are collected and collated on a regional basis and are listed in a table. I welcome the increased levels of activity between December 2014 and December 2015 which is delivering much needed finance to our SMEs. The total drawdown figure at end of December 2015 was €16,010m.
It is not possible to provide a breakdown for loans where the borrower has not yet consented to data sharing. For this reason, it is not possible to provide details of individual drawdowns due to data protection issues.
Quarterly Reports providing full details of the latest Credit Guarantee Scheme performance are published on my Department’s website.
Since inception my Department has kept a close watch on the performance of the Credit Guarantee Scheme. In the light of less than satisfactory outcomes after the first 2 years of operation a review was conducted which proposed a range of changes to the operation of the legislation.
While it took some time to finalise the legal texts to implement the proposed changes involving complex negotiations with the Attorney General’s office a new Credit Guarantee Scheme Bill was passed in February 2016.
My officials are currently working to give effect to the revised legislation and to further increase the availability of credit to SMEs utilising the revised terms and product range.
| Region | Value of Approvals at 31st December 2014 | Value of Approvals at 31st December 2015 |
|---|---|---|
| East (Dublin, Kildare, Meath and Wicklow) | €7,983,000 | €19,192,000 |
| South West (Cork and Kerry) | €2,178,400 | €2,770,000 |
| South East (Waterford, Wexford, Carlow, Kilkenny and South Tipperary) | €1,953,000 | €3,053,000 |
| Midlands (Laois, Longford, Offaly, Roscommon, and Westmeath) | €1,497,000 | €2,143,950 |
| West (Galway and Mayo) | €644,600 | €1,804,600 |
| Mid West (Limerick, Clare and North Tipperary) | €1,382,844 | €5,080,344 |
| North West (Donegal, Sligo and Leitrim) | €57,000 | €147,000 |
| North East (Cavan, Louth and Monaghan) | €355,000 | €500,000 |
| Total | €16,050,844 | €34,690,894 |
Breakdown of loan approvals under the Credit Guarantee Scheme by Region
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