Brian Leddin (Limerick City, Green Party)
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149. To ask the Minister for Finance the progress of the European Investment Bank-supported low-cost loan guarantee scheme for the national retrofit programme; and if he will make a statement on the matter. [3141/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The Government announced the creation of a Residential Retrofit Loan Guarantee Scheme in February 2022. The proposed scheme has a capacity of €500m. The proposed scheme is to be part-funded by the Department of Environment, Climate and Communications and the EU Recovery and Resilience Facility under Ireland’s National Recovery and Resilience Plan, and backed by a counter guarantee provided by the European Investment Bank Group.

Officials from the Department of Environment, Climate and Communications, the Department of Finance and the Strategic Banking Corporation of Ireland (SBCI) are engaging with the EIB Group on the guarantee structure. There has been extensive due diligence between the EIB Group and the Irish banking and credit union sector. The SBCI has completed two open calls for expressions of interest to participate in the scheme. A number of banks and credit unions have submitted formal expressions of interest to participate in the scheme as on-lenders.

Officials from my Department continue to work closely with DECC, the SBCI and the EIB Group to progress the scheme.