Dáil Éireann Debate, Wednesday - 3 June 2020
81. Deputy Rose Conway-Walsh asked the Minister for Finance the reason Strategic Banking Corporation Ireland funding provided to a company (details supplied) was used to replace an existing €30 million three-year facility of a bank granted 8 July 2015 on 8 July 2016; his views on whether this is not a contravention of the Strategic Banking Corporation of Ireland Act 2014; and if he will make a statement on the matter. [8883/20]
Amharc ar fhreagraThe Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution for SMEs. The strategic mission of the Strategic Banking Corporation of Ireland (SBCI) is to deliver 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 uses an on-lending model; this means it does not lend directly to SMEs, rather it facilitates the provision of flexible, appropriately priced funding to Irish SMEs through partner finance providers, known as on-lenders. The SBCI currently has four bank and five non-bank on-lenders.
It would not be appropriate to comment on a specific case. However, please note that the SBCI does not provide funding to On-Lenders to refinance their debt.
