Dáil Éireann Debate, Wednesday - 8 July 2015
71. Deputy Maureen O'Sullivan asked the Minister for Finance the consideration that has been given to engaging restructured credit unions as on-lenders under the Strategic Investment Fund; if his Department has been approached by any third parties in this regard; and if he will make a statement on the matter. [27863/15]
View answerMy Department has clarified with Deputy O'Sullivan's office that this question is in relation to the Strategic Banking Corporation of Ireland (SBCI).
As the Deputy will be aware, the SBCI launched its first programme on 19 February 2015. The Government's aim for the SBCI is to enhance the range and profile of Small and Medium Enterprise (SME) finance providers in Ireland. The SBCI will achieve this by working wih existing and new providers to develop specific funding products and by supporting new entrants to the SME lending market.
The involvement of a credit union, including a restructured credit union, in the provision of funding to SMEs would be a matter for the individual credit union. Additionally, this type of service would require approval by the Registrar of Credit Unions at the Central Bank, prior to a credit union providing such a service.
My officials have held discussion with the Irish League of Credit Unions regarding their six point plan for the sector. This plan envisages a role for Credit Unions as a lender to SME's.
