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ARTICLE · 25 JUNE 2012

Credit Guarantee Scheme - June 2012

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Credit Guarantee Bill 2012, published in April of this year, is the draft legal embodiment of the Government's proposals for such a scheme.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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For the past number of years, Irish small and medium-sized businesses ("SME's") have been lobbying the Government for the introduction of some meaningful initiative to assist cash starved businesses gain access to bank credit. Earlier this year the Government announced (as part of its Action Plan for Jobs 2012 programme) a planned range of new supports for struggling SMEs, including the establishment of a credit guarantee scheme. The Credit Guarantee Bill 2012, published in April of this year, is the draft legal embodiment of the Government's proposals for such a scheme.

Temporary Partial Credit Guarantee Scheme

The Bill provides for the establishment of what the Government refers to as a targeted Temporary Partial Credit Guarantee Scheme, the central element of which is a 75% government guarantee on loans granted by participating lenders to qualifying SMEs.

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