New State Bank for SMEs

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The Government has announced the establishment of a new State Bank for SMEs.

It is thought that €500m in credit will be available to SMEs through the establishment of the Strategic Banking Corporation of Ireland (SBCI).

The new bank will be funded by Germany’s KfW bank, the European Investment Bank (EIB) and the Ireland Strategic Investment Fund (ISIF), (used to be the National Pension Reserve Fund).

It will be based in the National Treasury Management Agency.

It is understood that the SBCI will have a lower cost of funding and this will be passed onto SMEs.