The Credit Guarantee Scheme (CGS) has been in operation since 2012, and as at 17 February 2017, 423 loans to the value of €68,036,144 have been sanctioned by participating lenders under the scheme. The CGS was operated on behalf of the Minister for Jobs, Enterprise and Innovation by Capita Asset Services until 14 October 2016 and since then the Strategic Banking Corporation of Ireland (SBCI) has taken over as Operator.
While the benefit of a guarantee is offered to a borrower under the scheme, some borrowers do not proceed with the guarantee. A significant number of cases are listed as ‘Pending’ by the participating lenders, and the operator only holds partial information on such cases. As a result, it is not possible to quantify the drawdowns of loans considered under the scheme. A breakdown of sanctioned loans where county information is known is provided in the following table.
In addition, Quarterly Reports providing full details of the latest Credit Guarantee Scheme performance are published on my Department’s website.
Modification to the Credit Guarantee Scheme legislation were introduced in 2016 and the Statutory Instruments to give effect to those changes are currently being finalised. I would expect that these changes will see enhanced use of the scheme in future years.
The CGS is a central element of those supports which when combined with other Government initiatives such as Microfinance Ireland, the Strategic Banking Corporation of Ireland, the Credit Review Office and the Prompt Payment Code should enable companies to expand, service new markets and grow employment.
CGS 2012
|
County Split as at 17.02.2017
|
-
|
County
|
Total €
|
No. of loans
|
Dublin
|
30,265,000
|
167
|
Carlow
|
1,770,000
|
5
|
Cavan
|
350,000
|
1
|
Clare
|
1,013,250
|
7
|
Cork
|
4,396,000
|
37
|
Donegal
|
197,000
|
2
|
Galway
|
2,841,500
|
19
|
Kerry
|
1,210,000
|
10
|
Kildare
|
4,962,000
|
25
|
Kilkenny
|
295,000
|
1
|
Laois
|
2,096,950
|
10
|
Leitrim
|
1,100,000
|
3
|
Limerick
|
4,995,344
|
40
|
Longford
|
-
|
0
|
Louth
|
1,460,000
|
10
|
Mayo
|
933,100
|
10
|
Meath
|
1,045,000
|
9
|
Monaghan
|
250,000
|
1
|
Offaly
|
890,000
|
7
|
Roscommon
|
80,000
|
1
|
Sligo
|
57,000
|
1
|
Tipperary
|
1,071,000
|
8
|
Waterford
|
750,000
|
5
|
Westmeath
|
1,057,000
|
6
|
Wexford
|
1,266,000
|
6
|
Wicklow
|
1,551,000
|
11
|
County Unknown (Declined/ineligible) (Note 1)
|
2,134,000
|
21
|
Total
|
68,036,144
|
423
|
Note 1: The final figure of 21 loans to the value of €2,134,000 listed as County Unknown relates to loans that were initially approved by the finance provider, but were declined by the customer or found to be ineligible. We do not have any county information on those cases.