Dáil Éireann Debate, Tuesday - 25 March 2014
256. Deputy Dara Calleary asked the Minister for Finance his views on the Central Bank of Ireland figures that show only €1.9 billion in new lending to small and medium enterprises in 2013 versus the €4 billion target; and if he will make a statement on the matter. [13911/14]
View answerAs the Deputy is aware, the Government has imposed SME lending targets on AIB and Bank of Ireland for the three calendar years, 2011 to 2013. Each bank was required to sanction lending of at least €3 billion in 2011, €3.5 billion last year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks have achieved their 2011 and 2012 targets. I am informed that both banks sanctioned circa €4bn in lending in 2013.
The figure of €1.9bn referred to by the Deputy relates to gross new lending to non-financial, non-property related SMEs during 2013 and is contained in the Central Bank publication "Trends in Business Credit and Deposits: Q4 2013". This document is available on the Central Bank website: http://www.centralbank.ie/polstats/stats/cmab/Documents/2013q4_ie_trends_in_business_credit_and_deposits.pdf
The Government recognises that SMEs are the lifeblood of the economy and play a vital role in the continuing recovery of employment growth in our country. In this regard specific measures to promote access to finance for SMEs are a central feature of the Government's Action Plan for Jobs 2014.
