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Ireland

Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021

In short

This law allows specific government ministers to make agreements with the Strategic Banking Corporation of Ireland to help certain businesses get loans through guarantee schemes. It sets limits on the financial commitments these ministers can make.

What it regulates

  • The ability of the Minister for Enterprise, Trade and Employment and the Minister for Agriculture, Food and the Marine to enter into agreements.
  • The conditions and financial contributions related to these agreements.
  • The total financial liability for contributions committed under all agreements.
  • A requirement for a review of the Act's operation within four years of its commencement.

Who it concerns

  • The Minister for Enterprise, Trade and Employment and the Minister for Agriculture, Food and the Marine.
  • Qualifying enterprises, which include SMEs and small mid-caps established or with a branch in the State.

Key points

  • One or both relevant Ministers can enter into agreements with the Strategic Banking Corporation of Ireland, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform.
  • The total liability for contributions committed under all agreements cannot exceed €50 million.
  • Qualifying enterprises are defined as SMEs or small mid-caps established or with a branch in the State.
  • A small mid-cap is an enterprise with not more than 499 employees that is not an SME.
Legal text
Legal text

Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.

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  2. ie)Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(
  3. s)or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2021 Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021 Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 9 of 2021 LOAN GUARANTEE SCHEMES AGREEMENTS (STRATEGIC BANKING CORPORATION OF IRELAND) ACT 2021 CONTENTS Section 1. Definition 2. Powers for relevant Ministers to enter into agreements with Strategic Banking Corporation of Ireland 3. Review of operation of Act 4. Expenses 5. Short title and commencement Acts Referred to Strategic Banking Corporation of Ireland Act 2014 (No. 22) Number 9 of 2021 LOAN GUARANTEE SCHEMES AGREEMENTS (STRATEGIC BANKING CORPORATION OF IRELAND) ACT 2021 An Act to enable certain Ministers of the Government to enter into agreements with the Strategic Banking Corporation of Ireland for the purpose of facilitating access to finance pursuant to certain loan guarantee schemes by certain qualifying enterprises; and to provide for related matters. [25th May, 2021] Be it enacted by the Oireachtas as follows: Definition 1. In this Act, “relevant Minister” means— (
  4. a)the Minister for Enterprise, Trade and Employment, or (
  5. b)the Minister for Agriculture, Food and the Marine. Powers for relevant Ministers to enter into agreements with Strategic Banking Corporation of Ireland 2.

(1)One or both relevant Ministers may, with the consent of the Minister for Finance and the Minister for Public Expenditure and Reform, enter into one or more agreements (each of which is, in this section, referred to as an “agreement”) with the Strategic Banking Corporation of Ireland for the purpose of facilitating access to finance for qualifying enterprises.
(2)Subject to subsection
(3), an agreement shall be subject to such conditions as may be specified in the agreement and may include a condition that a relevant Minister who is a party to the agreement shall provide a contribution committed for the purposes of the agreement concerned.
(3)A relevant Minister shall not exercise the powers conferred on him or her by subsection
(1)in such manner as would result in the aggregate of the liability in respect of contributions committed under all agreements (that is, regardless of which relevant Minister is a party to the agreement concerned) for the time being in force exceeding €50 million.
(4)A relevant Minister who is a party to an agreement shall discharge any fees, costs and expenses payable under the agreement.
(5)In this section— “branch” has the same meaning as it has in Commission Regulation (EU) 651/2014 of 17 June 20141 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty, and includes an establishment within the meaning of that Regulation; “Commission Recommendation” means Commission Recommendation (2003/361/EC) of 6 May 20032 concerning the definition of micro, small and medium-sized enterprises; “contribution committed” means the amount of funding committed by a relevant Minister to the Strategic Banking Corporation of Ireland under an agreement; “qualifying enterprise” means— (
  1. a)an SME established, or with a branch, in the State, or (
  2. b)a small mid-cap established, or with a branch, in the State; “small mid-cap” means an enterprise within the meaning of Article 1 of Title I of the Annex to the Commission Recommendation which— (
  3. a)has not more than 499 employees calculated in accordance with Articles 3, 4, 5 and 6 of Title I of the Annex of the Commission Recommendation, and (
  4. b)is not an SME; “SME” means a micro, small or medium-sized enterprise within the meaning of the Commission Recommendation; “Strategic Banking Corporation of Ireland” means the company formed pursuant to the Strategic Banking Corporation of Ireland Act 2014 and known by that name. Review of operation of Act 3. The relevant Ministers shall, not later than 4 years after the commencement of this section, carry out a review of the operation of this Act. Expenses 4. The expenses incurred by the relevant Ministers in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Public Expenditure and Reform, be paid out of monies provided by the Oireachtas. Short title and commencement 5.
(1)This Act may be cited as the Loan Guarantee Schemes Agreements (Strategic Banking Corporation of Ireland) Act 2021.
(2)This Act shall come into operation on such day or days as the Minister for Enterprise, Trade and Employment may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions. 1OJ No. L187, 26.6.2014, p. 1 2OJ No. L124, 20.5.2003, p. 36 Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais

AI explanation based on the official legal text. Indicative, not a substitute for legal advice.