Tuesday, 5 November 2019

Questions (122)

Catherine Murphy

Question:

122. Deputy Catherine Murphy asked the Minister for Finance if he will provide the Strategic Banking Corporation of Ireland external review report 2019; the cost of same; the firm that produced the report; and if he will make a statement on the matter. [44330/19]

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Written answers (Question to Finance)

The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s national promotional institution. The purpose of the SBCI is to deliver effective financial supports to Irish SMEs to address gaps and potential failures in the Irish SME finance market as well as encouraging competition and innovation, and facilitating the efficient and effective use of EU resources and financial instruments. The SBCI achieves this through the provision of low cost liquidity and risk-sharing guarantee activities that support the provision of appropriately priced, flexible funding to Irish SMEs.

Following a public procurement process, the SBCI appointed Ernst and Young (EY) on the 9 May 2019 to perform an external strategic review of the SBCI. EY’s task is to complete a strategic review of the SBCI as a policy delivery mechanism and national promotional institution within the context of the state’s suite of supports for SMEs. The cost of the review is €120,000.

The outcome of the review will inform the SBCI board as it sets the future strategic direction of the SBCI.

Work on this review is still ongoing. Once this review has been completed, it will be provided to the Board of the SBCI.