Thursday, 12 July 2012

Questions (24, 25)

Peadar Tóibín

Question:

22 Deputy Peadar Tóibín asked the Minister for Jobs, Enterprise and Innovation when the credit guarantee scheme will be in place. [33849/12]

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Peadar Tóibín

Question:

24 Deputy Peadar Tóibín asked the Minister for Jobs, Enterprise and Innovation when he believes the first guarantees will be issued to business through the credit guarantee scheme. [33850/12]

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Written answers (Question to Minister for Jobs, Enterprise and Innovation)

I propose to take Questions Nos. 22 and 24 together.

The Report and Final Stage of the Credit Guarantee Bill 2012 was completed yesterday (Wednesday 11th) in the Dáil. As the proof of the Bill has been passed by Both Houses of the Oireachtas, it must now be submitted by the Bills Office to the President for signature. The President is required to sign the Bill within seven days of receipt.

Following the enactment of the legislation, I will then be in a position to enter into legal agreements with the participating banks to guarantee qualifying loans. It is envisaged that this process of negotiating and signing legal agreements with the banks may take a number of weeks but will be completed as expeditiously as possible.

Every effort is being made to introduce the Scheme as quickly and as smoothly as possible. In parallel with the legislative process, the Operator for the Credit Guarantee Scheme, Capita, has been conducting workshops with the banks over the past few months to ensure that the banks are prepared for the Scheme to go live as soon as possible after the enactment of the legislation. Furthermore, in accordance with section 6 of the legislation, I will be laying the detailed Scheme before both Houses of the Oireachtas within the next few weeks.

It is envisaged that the banks will roll out the Scheme as soon as possible, following the signing of the bilateral legal agreements.

Question No. 23 answered with Question No. 6.
Question No. 24 answered with Question No. 22.