Tuesday, 2 July 2013

Questions (217)

Catherine Murphy

Question:

217. Deputy Catherine Murphy asked the Minister for Finance if it is his objective, through coordination with the European Investment Bank and Allied Irish Banks plc, to ensure that moneys granted by the former are loaned to enterprises which are best placed to both generate sustainable employment and increase domestic renewable energy capacity; and if he will make a statement on the matter. [24134/13]

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Written answers (Question to Finance)

The EIB is currently revising its lending criteria. The draft lending criteria were published on its website on 24 June 2013 having being approved by the Bank’s Management Committee. They will be submitted for discussion and approval to the Bank’s Board of Directors on 23 July 2013. The new EIB Energy Lending criteria are fully aligned with EU policy priorities to deliver economic growth, energy security and sustainable development. The EIB is fully committed to playing its part in bringing Europe out of the crisis by working with national authorities, public investors and private business to finance effective growth and jobs investment projects while delivering on sustainability and meeting strategic objectives for energy security. Energy Efficiency, Renewable Energy and Networks are key areas for EIB investment and support the EU climate objectives. Climate action considerations are mainstreamed in all EIB sectorial strategies and integrated into all operational activities. In addition, the Bank’s Corporate Operational Plan (COP) specifies a clear target that 25% of the EIB’s overall lending has to be in support of climate action activities. The EIB funds available from AIB are targeted to support the financing of all investments and expenditures incurred in the context of the development of SMEs and Mid-Caps through eligible projects. They are not specifically targeted at any specific sector and it is important that sectors should not be excluded from using these funds. A key outcome of investment initiatives by SMEs and Mid-Caps is expansion and growth for companies, including additional employment.