Finance Committee to discuss operations of the Strategic Banking Corporation Ireland with CEO

Mr Nick Ashmore, CEO of Strategic Banking Corporation Ireland (SBCI) will provide the Committee with an overview of the operation of Strategic Banking Corporation Ireland

Committee Chair, John McGuinness TD, said today, “The Committee will seek to engage with Mr Ashmore on the logistics regarding the disbursement of lending to SMEs via the banking sector and in particular issues such as the question of funding from the SBCI being used towards the bailout of Anglo Irish Bank and Irish Nationwide and the question of the SBCI’s on-lenders using the funds from the SBCI to improve the liquidity of their balance sheets, rather than lending to SMEs. Committee Members will wish to establish what kind of that appropriate oversight is in place in order to ensure that the SBCI’s mandated purpose objectives of increasing the availability of lower priced finance to SMEs and to fostering greater competition in the SME credit market are achieved.”