I assume the Deputy is referring to the Strategic Banking Corporation of Ireland (SBCI). The SBCI was incorporated in September 2014 and since then, the SBCI has made considerable progress in building relations with lending partners and in constructing the complex operational capability required to bring products to market. These include establishing operational capability with funders and lending partners, building internal systems and business processes and establishing a team to safely and effectively manage the funding provided on behalf of the State.
As the Deputy may be aware, the SBCI launched its first product programme on the 19th February 2015 and lending commenced on the 9th March 2015 through both Bank of Ireland and Allied Irish Bank Plc. An initial sum of €400m has been allocated between Bank of Ireland and Allied Irish Banks Plc. for lending to SMEs. The Government's aim for the SBCI is to enhance the range and profile of SME finance providers in Ireland. The SBCI will achieve this by working with existing and new providers to develop specific funding products and by supporting new entrants to the SME lending market through allocating the remaining €400m to a number of new and non-traditional SME finance providers. It is also an objective of the SBCI to encourage competition within the SME funding market through the provision of funding to a broad range of potential lending partners.
I have been informed by the SBCI that it is preparing to publish an update on lending activities later this month. This will provide details of the number and volume of loans to SMEs supported by the SBCI between 9 March and 30 June 2015.
