Written answers

Thursday, 15 February 2018

Department of Jobs, Enterprise and Innovation

Credit Guarantee Scheme Data

Photo of Niall CollinsNiall Collins (Limerick County, Fianna Fail)
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181. To ask the Minister for Jobs, Enterprise and Innovation her views on the drawdown levels issued under the credit guarantee scheme; the value of approvals; the drawdown and approval, by county in tabular form; and if she will make a statement on the matter. [7987/18]

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael)
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The Credit Guarantee Scheme (CGS) has been in operation since 2012, and as of 31 December 2017, 530 loans to the value of €84,396,594 have been sanctioned by participating lenders under the scheme. The CGS is currently operated on behalf of the Minister for Business, Enterprise and Innovation by the Strategic Banking Corporation of Ireland (SBCI).

While the benefit of a guarantee is offered to a borrower under the scheme, some borrowers do not proceed with the guarantee. A significant number of cases are listed as ‘Pending’ by the participating lenders, and the operator only holds partial information on such cases. As a result, it is not possible to quantify the drawdowns of loans considered under the scheme. A breakdown of sanctioned loans where county information is known is provided in the table.

In addition, Quarterly Reports providing full details of the latest Credit Guarantee Scheme performance are published on my Department’s website.

Modification to the Credit Guarantee Scheme legislation was provided for in Statutory Instruments in late 2017 to give effect to necessary changes in the operation of the Scheme. I would expect that these changes will see enhanced use of the scheme in future years

The CGS is a central element of those supports which when combined with other Government initiatives such as Microfinance Ireland, the Strategic Banking Corporation of Ireland, the Credit Review Office and the Prompt Payment Code should enable companies to expand, service new markets and grow employment.

2017

YearNo. Of Facilities SanctionedAmount of CGS Facilities Sanctioned
20126€582,000
201388€12,107,500
201468€9,283,344
2015108€20,385,050
2016131€22,312,000
2017129€19,726,700
Total as at 31st December 2017530€84,396,594
StatusNo. of CGS FacilitiesAmount of Lending
CGS loans sanctioned by Lenders since launch530€84,396,594
Declined or Cancelled by the customer67€11,171,250
Declined by the lender3€180,000
Ineligible3€467,000
CGS Facilities at 31st December 2017457€72,578,344
CountyAmount of Lending
Carlow€1,770,000
Cavan€0
Clare€927,000
Cork€5,076,000
Donegal€197,000
Dublin€31,981,200
Galway€3,780,500
Kerry€2,610,000
Kildare€4,512,000
Kilkenny€0
Laois€1,606,950
Leitrim€1,000,000
Limerick€7,445,594
Longford€0
Louth€1,637,000
Mayo€953,100
Meath€1,535,000
Monaghan€250,000
Offaly€790,000
Roscommon€80,000
Sligo€57,000
Tipperary€1,121,000
Waterford€1,000,000
Westmeath€1,522,000
Wexford€1,266,000
Wicklow€1,461,000

2016

YearNo. Of Facilities SanctionedAmount oF CGS Facilities Sanctioned
20126€582,000
201388€12,107,500
201468€9,283,344
2015108€20,385,050
2016131€22,772,000
Total as at 31st December 2016401€64,669,894
StatusNo. of CGS FacilitiesAmount of Lending
CGS loans sanctioned by Lenders since launch401€64,669,894
Declined or Cancelled by the customer62€10,615,000
Declined by the lender3€180,000
Ineligible3€467,000
CGS Facilities at 31st December 2016333€53,407,894
CountyAmount of Lending
Carlow€1,770,000
Cavan€0
Clare€667,000
Cork€3,348,000
Donegal€197,000
Dublin€24,182,000
Galway€2,241,500
Kerry€1,210,000
Kildare€3,285,000
Kilkenny€295,000
Laois€1,916,950
Leitrim€1,000,000
Limerick€4,375,344
Longford€0
Louth€1,160,000
Mayo€733,100
Meath€795,000
Monaghan€250,000
Offaly€540,000
Roscommon€80,000
Sligo€57,000
Tipperary€1,071,000
Waterford€750,000
Westmeath€1,057,000
Wexford€1,266,000
Wicklow€1,161,000

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