800 million euro is being made available for lending to small and medium enterprises through a new State-backed scheme from today.
The Strategic Banking Corporation of Ireland will be officially launched this morning by Finance Minister Michael Noonan, Public Expenditure Minister Brendan Howlin and the German finance minister Wolfgang Schäuble.
The initiative will be administered by Ireland's retail banks with the aim of kick-starting lending to SMEs through loans with more favourable terms - such as lower rates and longer durations.
Funding for the SBCI will come from Germany, Europe and Ireland and could facilitate up to 4 billion in lending to the sector.
