MIL OSI – Source: German Ministry of Finance – in English –
Headline: German government provides support to SMEs in Ireland
Michael Noonan, Ireland’s Minister for Finance, and Brendan Howlin, Ireland’s Minister for Public Expenditure and Reform, officially launched Ireland’s new development bank, the Strategic Banking Corporation of Ireland (SBCI) in Dublin today, 31 October 2014. Wolfgang Schäuble, Germany’s Minister of Finance, Werner Hoyer, President of the European Investment Bank, and Ulrich Schröder, CEO of the Kreditanstalt für Wiederaufbau (KfW), attended the launch.
Minister Schäuble said: “In recent years, Ireland’s government has carried out a consistent programme of reform and consolidation. As a result, Ireland has not only met its consolidation targets – it has exceeded them. This course of action is highly commendable, and it is producing successful results. In Ireland – just like in Germany – small and medium-sized businesses are crucial for growth and prosperity. Financing opportunities for these companies must be improved. This is something I strongly advocate too.”
The KfW (acting on behalf of the German government) and the SBCI signed a loan agreement at the meeting. Under this agreement, the KfW will provide a credit line of €150 million for loans to small and medium-sized Irish firms. The loan is fully guaranteed by the Irish government and is backed up additionally by a federal guarantee from the German government.
Strategic Banking Corporation of Ireland (SBCI)