I gave a commitment to review the Credit Guarantee Scheme (CGS) after 12 months of operation. The Scheme has been operational since 24 October 2012. As at 4th October there were 69 live CGS facilities resulting in €9.7m being sanctioned through the Scheme by the participating lenders resulting in 433 new jobs being created and 139 jobs maintained.
As take-up continued to be slow, the Scheme was recently independently reviewed with a view to identifying the reasons for this and recommending changes to the Scheme design. The Review included detailed consultations with all key stakeholders. A Steering Group, chaired by my Department, is currently assessing the expert Review and will shortly report back to me outlining what action needs to be taken to amend the Scheme. I intend to publish the Review once this assessment is complete.