Dáil Éireann Debate, Tuesday - 2 December 2014
203. Deputy John McGuinness asked the Minister for Finance the targets the Strategic Banking Corporation of Ireland will have in 2014 and 2015 with regard to the number of companies it seeks to lend money to; the amount of employment expected to be generated from these loans; and if he will make a statement on the matter. [46085/14]
View answerThe SBCI has been established with specific functions such as ensuring that SMEs are provided with sufficient finance for growth and to facilitate competition in the SME finance market by facilitating new entrants in the provision of SME credit.
Consideration is currently underway on the extent of lending which the SBCI will undertake through the course of 2015 and beyond. This is being determined by a range of issues including the ability for traditional banks to act as onlenders in a manner consistent with the aims and objectives of the SBCI and the nature of new alternative non-bank finance providers coming forward to partner with the SBCI and provide new competitive alternatives to the domestic banks..
The purpose of the SBCI is to provide credit to SMEs in a manner not previously provided and by an institution that has not existed heretofore. This should provide increased confidence to the SME sector as it increases the certainty around the availability of funding to that sector even in adverse financial market conditions. As a consequence, the SME sector grows and jobs are created. Employment is a positive outcome of the SBCI fulfilling its functions as laid out in the enabling legislation facilitated by growth in the economy.
