Dáil Éireann Debate, Wednesday - 12 December 2018
74. Deputy Richard Boyd Barrett asked the Minister for Finance his views on whether a series of financial matters concerning a person (details supplied) is appropriate or a potential abuse; and if he will make a statement on the matter. [52389/18]
View answerThe Strategic Banking Corporation of Ireland, the SBCI, is a Designated Activity Cody (DAC) under the Companies Act 2014 and has an independent Board of Directors.
In relation to the first part of the Deputy’s question regarding members of the SBCI Board, the SBCI is a public body and is subject to the Revised Code of Practice for the Governance of State Bodies 2016, which contains a number of provisions that boards of public bodies must follow to address actual and potential conflicts of interest of their Board members. The SBCI has informed me that it is satisfied it has complied with those requirements.
In relation to the second part of the Deputy’s question, I am advised that the SBCI enters into facilities with its on-lenders on a commercial and market neutral basis. The SBCI will consider applications to be an on-lender from all finance providers. Consequently, the SBCI avoids commenting on specific on-lenders and cannot reveal commercially sensitive information regarding individual facilities.
However, I am informed that the SBCI engages in regular monitoring to ensure that new loans, equivalent to the amount it has provided to each on lender, is deployed to eligible SMEs. Each on-lender is different in terms of size structure, financial strength, parental or group support. The Deputy may rest assured that the SBCI thoroughly assesses each on-lender and carries out appropriate due diligence to ensure that the appropriate legal and corporate structure is put in place so that the taxpayers’ position is fully protected.
