asked the Minister for Social Welfare if he will report on the progress, if any, in the establishment of the loan guarantee fund, for which £100,000 was provided in the last budget, to help those in need of assistance to escape from the grip of moneylenders.
Written Answers. - Loan Guarantee Fund.
14.
Earlier this year I established a supervisory committee to determine how the loan guarantee fund would operate in order to draw up plans for a nationwide co-ordinated approach to assisting people who wish to get out of the grip of moneylenders and to be of greatest possible assistance. Committee members are drawn from my Department, the Irish League of Credit Unions, the Irish Banks Standing Committee, the Society of St. Vincent de Paul, the Community Welfare Service of the Eastern Health Board and voluntary social services.
The loan guarantee fund is financed by an allocation of £100,000 from the Government drawn from the national lottery funds and a contribution of £100,000 from the Irish Banks Standing Committee on behalf of the main associated banks.
I am anxious to ensure that a nationwide scheme is brought into operation as quickly as possible and to that end I have sought regular progress reports from the supervisory committee. I am also keen to ensure that the fund operates in conjunction with existing schemes operated by the Irish League of Credit Unions and by the Society of St. Vincent de Paul. The operation of the fund on a nationwide basis will require considerable effort and resources on the part of these voluntary organisations. They are currently making preparations by way of staff training programmes and seminars.
I hope to be able to make an announcement in the near future about the introduction of nationwide arrangements.