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11/04/2012
Credit Guarantee Bill Published
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, has today published the Credit Guarantee Bill 2012, and announced the appointment of an operator for the Temporary Partial Credit Guarantee Scheme.
The announcement represents delivery of key Q1 commitments under the Action Plan for Jobs 2012.
The Scheme aims to provide much-needed credit to job-creating SMEs who currently struggle to get finance from the banks. It is intended to address market failure affecting commercially viable businesses in two specific situations – namely, where businesses have insufficient collateral, and where businesses operate in sectors with which the banks are not familiar – and provide a 75% State guarantee to banks against losses on qualifying loans to firms with growth and job creation potential.
Initially, the scheme will facilitate up to €150m of additional lending per annum to SMEs, in addition to the lending targets set for the pillar banks. The Scheme will be demand-led, and take-up and performance will be closely monitored.
For every €150million of additional lending, the Scheme is expected to benefit over 1800 businesses. The cost of the Scheme per €150million of lending is €6.38million. However this does not take into account benefits to the exchequer this lending will bring in terms of increased tax receipts and decreased social welfare payments. When these benefits are taken into account, the net gain to the Exchequer is over €25million per €150million of lending.
The Bill, which was agreed by Government last Tuesday [3rd April 2012], will provide for the establishment of a targeted Temporary Partial Credit Guarantee Scheme, when enacted. The Bill will now be introduced to the Oireachtas, and it is expected that it will be enacted shortly.
(CD)
The announcement represents delivery of key Q1 commitments under the Action Plan for Jobs 2012.
The Scheme aims to provide much-needed credit to job-creating SMEs who currently struggle to get finance from the banks. It is intended to address market failure affecting commercially viable businesses in two specific situations – namely, where businesses have insufficient collateral, and where businesses operate in sectors with which the banks are not familiar – and provide a 75% State guarantee to banks against losses on qualifying loans to firms with growth and job creation potential.
Initially, the scheme will facilitate up to €150m of additional lending per annum to SMEs, in addition to the lending targets set for the pillar banks. The Scheme will be demand-led, and take-up and performance will be closely monitored.
For every €150million of additional lending, the Scheme is expected to benefit over 1800 businesses. The cost of the Scheme per €150million of lending is €6.38million. However this does not take into account benefits to the exchequer this lending will bring in terms of increased tax receipts and decreased social welfare payments. When these benefits are taken into account, the net gain to the Exchequer is over €25million per €150million of lending.
The Bill, which was agreed by Government last Tuesday [3rd April 2012], will provide for the establishment of a targeted Temporary Partial Credit Guarantee Scheme, when enacted. The Bill will now be introduced to the Oireachtas, and it is expected that it will be enacted shortly.
(CD)
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