Written Answers - Credit Availability

Tuesday, 29 March 2011

Dáil Éireann Debate
Vol. 728 No. 6

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  48.  Deputy Pearse Doherty  Information on Pearse Doherty  Zoom on Pearse Doherty   asked the Minister for Enterprise, Trade and Innovation  Information on Richard Bruton  Zoom on Richard Bruton   when he will implement the temporary, partial credit guarantee scheme as provided for in the programme for Government; the time scale for the implementation, duration and cessation of this scheme; if there will be a cost of providing this insurance; and if he will make a statement on the matter. [5411/11]

Minister for Enterprise, Trade and Innovation (Deputy Richard Bruton): Information on Richard Bruton  Zoom on Richard Bruton  The Government has published a comprehensive programme setting out its goals over the full range of policy concerns. The Government will address this programme over its term of office in a measured and prioritised way. The introduction of a temporary, partial credit guarantee scheme as provided for in the Programme for Government is currently under consideration. My officials are working with their colleagues in the Department of Finance, the Credit Review Office, Enterprise Ireland and Forfás to address access to credit issues for viable SMEs, including the option of a loan guarantee scheme to assist their working capital.

It is important, however, that any new initiatives complement, rather than substitute, the main banks’ lending commitments and activities under the 2010 recapitalisation package and that they would represent value for money from the taxpayer’s perspective. When the necessary detailed assessment work has been done, the Government will be in a position to decide on the cost and time scale for the implementation, duration and cessation of any proposed temporary, partial credit guarantee scheme and determine whatever legislative backing is required for any such scheme.


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