Tuesday, 17 December 2019

Questions (139)

Robert Troy

Question:

139. Deputy Robert Troy asked the Minister for Finance the lending targets the SBCI has set for lending to SMEs in 2019 and 2020; and the progress to date on same. [53311/19]

View answer

Written answers (Question to Finance)

The Strategic Banking Corporation of Ireland (SBCI) delivers effective financial supports to Irish SMEs that address failures in the Irish credit market, while driving competition and innovation and ensuring the efficient use of available EU resources. The SBCI achieves this aim through the provision of low cost liquidity and risk-sharing activities supporting the provision of appropriately priced, flexible funding to SMEs. The SBCI does not lend directly to SMEs, but rather provides funding through its finance partners, both bank and non-bank.  

This funding is provided through both the provision of low cost liquidity as well as through risk sharing schemes, the Brexit Loan Scheme and the Future Growth Loan Scheme.

The SBCI’s lending target for 2019 was €260m. The SBCI’s total lending so far in 2019 has been €260,329,384. This consists of loans of €101,951,404 from the low cost liquidity provided to the SBCI’s on-lenders as well as loans of € 158,377,980 from the SBCI’s risk sharing schemes, the Brexit Loan Scheme and the Future Growth Loan Scheme. Please note that for 2019 the risk sharing figures refer to loans that have been sanctioned, but are still awaiting drawdown. The vast majority of the Future Growth Loan Scheme loan approvals occurred in Q4 2019 and drawdown details will not be available until early Q1 2020.

Targets for 2020 are in the process of being set.