As the Deputy will be aware, the ECB is an independent body and I have no role in relation to its internal deliberations. However, I am aware of a number of reports in the media where European Central Bank (ECB) officials, including President, Mr. Mario Draghi, indicated that the ECB is considering buying asset-backed securities (ABS), among possible options to support lending to small and medium sized companies. I understand that President Draghi has said that the ECB's role in this would be mostly catalytic because the ECB works with the European Investment Bank (EIB) and with the EU Commission. I have no further details at this time. As regards the EIB, it has highlighted SME financing as a priority for the Bank. On the domestic front, this has been evidenced when the EIB agreed to work with AIB in providing €200 million for investment by small and medium companies across Ireland. This represents the latest EIB support for SMEs in Ireland since an earlier lending programme intermediated by AIB in 2011. This announcement coincided with a visit by the EIB President and the Management Committee to Ireland on 29 and 30 April 2013. The EIB delegation met with myself and a number of other Government Ministers including Minister Bruton where it was highlighted that access to funding for Irish SMEs is a priority for Ireland.
The Deputy may be aware that Mr. Werner Hoyer was appointed President of the EIB in January 2012. President Hoyer visited Ireland in July 2012. Since then there has been a deepening and widening of engagement between Ireland and the Bank. During this visit it was agreed with the Irish Authorities to establish a joint High Level Working Group (HLWG) to identify concrete and flexible mechanisms to enhance the Bank’s support for Ireland’s growth agenda. The EIB and Ireland are strongly committed to working together to enhance the Bank’s activity in the country and this commitment is beginning to bear results. A solid outcome was achieved for 2012 with EIB group activity in the country approaching €600m, representing an increase of over €100m in 2012 over 2011 levels and covering a diversified range of sectors and transactions.
