Dáil Éireann Debate, Thursday - 13 July 2017
99. Deputy Niall Collins asked the Tánaiste and Minister for Jobs, Enterprise and Innovation the value of drawdowns issued under the credit guarantee scheme on 31 December 2015, on 31 December 2016 and on 30 June 2017, respectively; the value of approvals on the same dates; the details of each drawdown and approval, by county; the reasons for the delay in the legislation to review the scheme; and if she will make a statement on the matter. [34723/17]
View answerThe Credit Guarantee Schemes (the original made in 2012, and another in 2015) were operated on behalf of me as Minister for Enterprise and Innovation by a private sector firm for the first 4 years of its existence. On 17 October 2016, in accordance with a Government Decision, the role of Operator was transferred to the Strategic Banking Corporation of Ireland (SBCI).
SBCI has advised that, as of 30th June, 2017, under the Schemes, 471 loans to the value of €74,955,594 had been sanctioned by participating lenders under the scheme. It is estimated that these loans have created or sustained a total of 3,053 jobs in the Irish economy.
It is important to note that once the benefit of a credit guarantee is sanctioned and offered to a borrower under the Schemes, not all borrowers proceed to actually draw down the finance available. A significant number of cases are listed as ‘Pending’ by the participating lenders (the main banks to date), and the SBCI has indicated that it does not hold complete information on all such cases and, as a result, it is not possible to quantify accurately the drawdowns of loans considered under the scheme.
A breakdown of sanctioned loans over the past two and a half years is provided at A. below, and a breakdown by County is located at B. below.
Since the inception of Credit Guarantee Schemes in Quarter 4 of 2012, Quarterly Reports providing full details of the latest Scheme performance have always been published on my Department’s website. I will shortly be receiving the performance Report for Quarter 2 of 2017 Report from SBCI and it will then be uploaded onto my Department’s website.
The new Credit Guarantee Scheme 2017, launched earlier this year by my colleague, Minister of State, Pat Breen. T.D., will be available shortly to our SMEs, once discussions currently underway between the SBCI and the three main banks have concluded. It is also possible that other financial providers may join the scheme in time. I am confident that we will see a significant uptake in demand, given that the new Scheme will:
- permit me as Minister to take a higher level of risk on finance provided to SMEs;
- enable new financial providers to take part, and;
- allow for the provision of finance to SMEs via products other than bank loans, namely agreements on credit facilities, asset credit facilities and invoice financing facilities.
A. Below data is based on total Sanctioned CGS facilities:
|
Date |
Facilities Value as at date |
|
31/12/2015 |
€42,602,894 |
|
31/12/2016 |
€64,669,894 |
|
30/06/2017 |
€74,955,594 |
B. Below data is based on current Live, Expired or Repaid CGS facilities:
|
County |
Facilities Value as at 30/06/2017 |
|
Carlow |
€1,770,000 |
|
Clare |
€948,250 |
|
Cork |
€4,336,000 |
|
Donegal |
€197,000 |
|
Dublin |
€28,456,200 |
|
Galway |
€2,241,500 |
|
Kerry |
€2,160,000 |
|
Kildare |
€3,937,000 |
|
Kilkenny |
€295,000 |
|
Laois |
€1,916,950 |
|
Leitrim |
€1,000,000 |
|
Limerick |
€5,835,594 |
|
Louth |
€1,460,000 |
|
Mayo |
€953,100 |
|
Meath |
€1,275,000 |
|
Monaghan |
€250,000 |
|
Offaly |
€790,000 |
|
Roscommon |
€80,000 |
|
Sligo |
€57,000 |
|
Tipperary |
€1,071,000 |
|
Waterford |
€750,000 |
|
Westmeath |
€1,402,000 |
|
Wexford |
€1,266,000 |
|
Wicklow |
€1,386,000 |
